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Is $6-bn petro project stalled in Rajasthan?
Is $6-bn petro project stalled in Rajasthan. \"It seems that the Chief Minister has some vested interest; that is why she is not keen on setting up the refinery (in Barmer),\" Gehlot said.
Politics seems to have hit a Rs37,230 crore ($6 billion) 9 mmtpa (million metric tonnes per annum) petrochemical complex in Rajasthan that has been estimated to generate some 1,00,000 direct and indirect jobs, with former Chief Minister Ashok Gehlot of the Congress accusing his successor, Vasundhara Raje of the BJP, of “unnecessarily” stalling the project.
"It seems that the Chief Minister has some vested interest; that is why she is not keen on setting up the refinery (in Barmer)," Gehlot said. The refinery-cum-petrochemical complex is a big project that would not only give economic benefits to the state but will also provide employment to thousands of youth. By delaying its construction, the state government is crushing the interests of the state," Gehlot added.
The complex was to be established by HPCL-Rajasthan Refinery Ltd. (HRRL) - a joint venture company of HPCL and the Rajasthan government. The Congress had given consultancy work to SBI Caps for the project. However, the present government has reportedly asked a private company to review the project.
After giving crores of rupees to this company, the State government is trying to come out with a fabricated report against the previous regime's proposal. Noting that HPCL is a central government enterprise with Navratna status, the State government was still misleading the people by repeatedly saying that the share agreed to by the Congress government will lead to losses since the land, water and oil belong to the state.
"The fact is that the state government will fully recover the amount for land and water from the project. The state government will get a one-time return of Rs 200 crore in lieu of the land to be given for the project," he added. Gehlot government had entered into an MoU with HPCL for establishing the complex in Barmer district at an estimated cost of over RS 37,230 crores in March 2013.
A JV agreement was signed in July 2013 between HPCL and the state government. The proposed refinery was to be a subsidiary of HPCL, whose equity share was to be 74 percent, while 26 percent was to be held by the state government.
As per the terms and conditions, every year, an interest-free loan of Rs 3,736 crore was to be provided by the state government to the JV for 15 years from the time commercial production commenced at the refinery. This has now become a sticky point, said sources in the know of developments relating to the project.
By Anil Sharma
