India: petro hub in Gujarat

Oil and Natural Gas Corp. (ONGC) and Gujarat State Petroleum Corp. (GSPC) are jointly implementing the Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) project in the Bharuch-Dahej Investment Region. The PCPIR complex, which has been conceptualized as a logical value addition project, is scheduled to be completed by March 2012. ONGC and GSPC have formed a non-PSU JV company ONGC Petro Additions Ltd to undertake the PCPIR project. In the JV, ONGC holds 26% equity, GSPC holds 5% and while the remaining equity will be shared between strategic investors, financial institutions and public. However, infrastructure like power, water, common effluent treatment plant and roads will be made available by the Dahej SEZ. Torrent Energy is setting up a power plant for the units in the SEZ.
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