BSNL turns profitable after 18 Years: Scindia (See 'Corp Brief') Chouhan to meet Ministers of 11 Ministries for 'Pradhan Mantri Dhan-Dhaanya Krishi Yojana' (See 'Corp Brief') NITI Aayog's Women Entrepreneurship Platform and DP World launch 'We Rise' initiative (See 'Corp Brief') MoS unveils Curtain Raiser for 4-day India International Science Festival (See 'Corp Brief') Supreme Court Restores JSW's Resolution Plan in Bhushan Power Case: A Pragmatic Turn in IBC Jurisprudence (See CORP EINSICHT ) NMDC Steel becomes First to receive BIS License for Hot Rolled Steel for welded steel pipe (See 'Corp Brief') FM interacts with interns of PM Internship Scheme in Hampi (See 'Corp Brief') IBC - Withdrawal of CIRP cannot be permitted merely on the basis of a unilateral settlement with one minor creditor, particularly when other bigger Financial Creditors oppose it: NCLT (See 'Legal Desk') World Food Day: Goyal highlights India-Brazil Partnership in Global Food Security (See 'Corp Brief') Chouhan holds high-level meeting on strengthening KVKs (See 'Corp Brief') India, Australia strengthen Energy Cooperation (See 'Corp Brief') SEBI - PayTM founder held guilty of circumventing SEBI regulations to unlawfully grant ESOPs to self and brother by mis-representing promoter status and control - contravened disclosure & eligibility norms of SEBI - barred from accepting ESOPs for three-year period: SEBI (See 'Legal Desk') India, Ethiopia hold Inaugural Joint Defence Cooperation Meeting (See 'Corp Brief') Military Combat Parachute System of DRDO successfully tested at 32,000 feet altitude (See 'Corp Brief') MoS inaugurates New Infrastructure at NIFT Mumbai (See 'Corp Brief') A&C - Mere pendency of formal signature by one party, when other party has signed agreement after reading its terms including arbitration clause, does not prevent parties from being referred to arbitration: HC (See 'Legal Desk') Bureau of Energy Efficiency invites Entries for Energy Conservation Awards (See 'Corp Brief') PIB organizes Regional Media Workshop - 'Vartalap' at Konark (See 'Corp Brief') India, Saudi Arabia strengthen Cooperation in Chemicals & Petrochemicals Sector (See 'Corp Brief') PMLA - Secured creditor such as finance company not left without remedy, where properties acquired even prior to scheduled offence period are attached as value equivalent: SAFEMA Tribunal (See 'Legal Desk') UP Chief Minister interacts with National Statistical Commission (See 'Corp Brief') Chouhan visits 'Samanyu Honey' Beekeeping Centre in Punjab (See 'Corp Brief') India strengthens Global Leadership in Spice Standards at 8th Codex Committee (See 'Corp Brief') IBC - Speculative participants driven purely by profit motives can't be permitted to misuse insolvency & bankruptcy code, which is remedial framework conceived for revival and protection of companies: SC (See 'Legal Desk') CCI okays acquisition of Cloud4C Services by Capgemini SE (See 'Corp Brief') DTNBWED and UPBOCWWB join hands to empower Construction Workers through Skill Development (See 'Corp Brief') IBC - IBC has a rehabilitative intent; companies revived through a resolution plan cannot be arbitrarily excluded from government tenders: HC (See 'Legal Desk') Ministry of Labour joins hands with Zomato to strengthen Gig Economy (See 'Corp Brief') Give preference to 'Made in India' products': Chouhan (See 'Corp Brief') A&C - In large-scale infrastructure projects, quantification of actual loss resulting from time overruns is often impracticable, and law does not mandate proof of precise loss if parties have agreed to mechanism of reasonable compensation: HC (See 'Legal Desk') Vaishnaw announces Enhanced Technological Upgrades and New Training Initiatives for RPF (See 'Corp Brief') Ministry of Minority Affairs establishes Centres of Excellence to Promote Heritage and Classical Languages (See 'Corp Brief') Mentorship cum acceleration sessions are arranged for 18 Start-ups (See 'Corp Brief') Joshi to preside over World Standards Day 2025 Celebrations (See 'Corp Brief') A&C - Award granted by arbitral tribunal for interest can't be challenged, just because in agreement between parties, there is no stipulation for awarding interest: HC (See 'Legal Desk') DoPPW to conduct Nationwide Digital Life Certificate Campaign 4.0 (See 'Corp Brief') Kharif sowing area increases by 6.51 lakh hectares: Chouhan (See 'Corp Brief') PM GatiShakti marks 4 years with launch of transformative Initiatives: Goyal (See 'Corp Brief') PC Act - Economic offences require different approach when considering bail, especially where offence involves deep-rooted conspiracy, fraudulent documentation, and abuse of fiduciary positions: HC (See 'Legal Desk') ANRF Executive Council okays move for operationalization of RDI Fund (See 'Corp Brief') MoS participates in 'Recognition Ceremony of Forest Rangers' in Abu Dhabi (See 'Corp Brief') MoS holds interaction on governance innovations with representatives from 19 countries (See 'Corp Brief') Arbitration & Conciliation Act - provisions of Rule 11 of 2021 Rules & Section 18(3) of 2006 Act facilitate arbitration as a means of dispute resolution & merely adopting different routes does not render either process illegal or ultra vires: HC (See 'Legal Desk') Roadmap unveiled for development of 100 GW Nuclear Capacity by 2047 (See 'Corp Brief') CCL launches Special Cover Dedicated to Coal Warriors and Coal India's Legacy (See 'Corp Brief') PMLA - In money laundering case, modus operandi often involves circuitous and opaque ftnancial transactions, making direct evidence inherently difficult to obtain: HC (See 'Legal Desk')

Print

PM lays foundation stone of Petrochemical Complex at BPCL Bina Refinery in MP

Published: Sep 14, 2023

By TIOLCorplaws News Service

NEW DELHI, SEP 14, 2023: PRIME Minister, Narendra Modi, laid the foundation stone of Downstream Petrochemical Complex and Refinery Expansion Project, at BPCL's Bina Refinery in Bina, Madhya Pradesh here today. This state-of-the-art refinery, which will be developed at a cost of about Rs. 49,000 crore, and will produce about 1200 KTPA (Kilo-Tonnes Per Annum) of ethylene and propylene, which are a vital component for various sectors like textiles, packaging, pharma, among others. This will reduce the country's import dependence and will be a step towards fulfilling the Prime Minister's vision of 'Aatmanirbhar Bharat'. The mega project will also create employment opportunities and spur the development of downstream industries in the petroleum sector.

In his remarks at the event, Prime Minister Narendra Modi said, "It is our continuous effort that Madhya Pradesh reaches new heights of development, the life of every family in Madhya Pradesh becomes easy and every home brings prosperity. The track record of Modi's guarantee is in front of you". He informed about 40 lakh pucca houses in the state for the poor and fulfilling the guarantees for toilets, free medical treatment, bank accounts, and smokeless kitchens. He also mentioned the reduction of gas cylinder prices on the occasion of Raksha Bandhan. "Due to this, the beneficiary sisters of Ujjwala are now getting the cylinder at Rs 400 cheaper", he said. "Therefore, yesterday the Central Government took another big decision. Now 75 lakh more sisters in the country will be given free gas connections. Our aim is that no sister should be left out of gas connection", the Prime Minister added.

The Prime Minister underlined that the government is working with full sincerity to fulfill its every guarantee. He mentioned eliminating the middleman which ensured full benefits to every beneficiary and gave the example of PM Kisan Samman Nidhi where every farmer who is a beneficiary has received Rs 28,000 directly to his bank account. The Prime Minister informed that the government has spent more than Rs 2,60,000 crores on this scheme. In the last 9 years, the Prime Minister said that the Central Government has made efforts to reduce the cost of farmers and provide cheap fertilizers and informed about the expenditure of more than Rs 10 lakh crores in 9 years. He mentioned that a bag of urea which costs up to Rs 3000 for American farmers is made available to Indian farmers for less than Rs 300. He pointed out the urea scams of the past worth thousands of crores of rupees and interjected that the same urea is now easily available everywhere.

Governor of Madhya Pradesh Mangubhai Patel, Chief Minister of Madhya Pradesh, Shivraj Singh Chauhan, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri among others were present on the occasion.

Addressing the gathering, Hardeep Singh Puri, Minister of Petroleum & Natural Gas and Housing & Urban Affairs stated that "this petrochemical plant is a gift from the Hon'ble Prime Minister not only to Bina but to the Bundelkhand and Madhya Pradesh".

Speaking on the occasion, the Minister of Petroleum & Natural Gas Puri observed that the new petrochemical complex in Bundelkhand region of Madhya Pradesh will promote various downstream units in the field of plastic, packaging material, plastic sheets and other items of domestic and industrial use. This will lay the foundation of Buland Bundelkhand, he added.

Recalling the example of OPAL plant which has contributed in development of Dahej region of Gujarat, the Union Minister further said that the successful execution of this project will revolutionize industrial development in Madhya Pradesh and the Bundelkhand region in particular and help attain the vision of Viksit Bharat.

Adding to it further, Hardeep Singh Puri said that this project will also reinforce India's commitment to self-reliance and sustainable industrial growth, positioning the nation as a global leader in the petrochemicals sector. Globally, India ranks 6th in the field of Petrochemical having market potential of approximately Rs.15.58 lakh crore which is likely to reach Rs.82 lakh crore by 2040.

Referring to the volatility in the global oil and gas industry in recent years, the Petroleum & Natural Gas Minister said that in the last two years, there has been a lot of volatility in the global oil and gas industry due to which not only our neighboring countries but also the developed countries faced energy shortage. On the other hand, due to the visionary and citizen centric policies of Prime Minister Narendra Modi, India is the only country where there was no shortage of oil and gas in the last 2 years and there was no increase in fuel prices. Indian citizens have been completely insulated from spike in global oil and gas prices, the Minister said.

In his remarks at the event, Hardeep Singh Puri also highlighted the progress since 2014 in the state of Madhya Pradesh on various parameters related to energy infrastructure. He emphasized that the number of of retail outlets/petrol pumps in the state have risen from 2,854 in 2014 to 5,938; and LPG distributorships have increased from 866 in 2014 to 1,551 now. The LPG penetration which was at 44% in 2014 has reached to 100%. The state has witnessed increase in PNG Connections from 2,783 in 2014 to 2,15,185 and increase in CNG stations from 15 in 2014 to 275 now. Natural Gas Pipeline has also seen a significant progress as the its length has increased from 802 km to 6,862 km now.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.