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Amerind Petroleum to build refinery in Andhra Pradesh

Amerind Petroleum Pvt Ltd has entered into a joint technical collaboration with U.S.-based American Industrial Corporation (AIC) to build a Rs120 billion (US$2.27 billion) oil refinery near Visakhapatnam, in the southern state of Andhra Pradesh in India. Amerind will build the refinery with a US$375 million loan from Exim Bank. Amerind signed a contract with the state government of Andhra Pradesh in mid-November. Work on the refinery will begin within 30 to 36 months after the state and central governments have issued clearances. The proposed refinery will produce the whole range of petroleum products and will have an initial refining capacity of 7.5 million tons of crude oil per annum or 150,000 barrels per day. “The refinery would be established on a turnkey basis by AIC by relocating an existing and running refinery acquired by it in the U.S. The estimated cost of the first phase would be Rs 25.25 billion,” Major Industries Minister J. Geeta Reddy explained. She added, “This would be the first refinery in the state in the private sector. It would have its own captive floating marine terminal, with three underwater pipelines to receive the imported crude oil and to dispatch products for exports. ” (November 18, 2011)