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China,India : MOU for gas-based fertilizer plant inked by AP
Publish Date : 01-Jul-2016
The Krishnapatnam Port area in Andhra Pradesh is all prepared to have an additional major industry.
Chinese major, Huanqiu Contracting and Engineering Corporation (HQCEC) is convinced by the State Government for establishing a gas-based fertilizer plant near the Krishnapatnam Port.
The HQCEC in association with Malaysia-based Isomeric Holdings and LEPL Ventures of the State w will executed the proposed plant, with an estimated investment of Rs. 10,183 crore.
The AP Economic Development Board, Industries and Commerce Department and the three companies signed a memorandum of understanding to this effect.
An official communication said that the HQCEC, affiliated to the China National Petroleum Corporation, had over five decades of track record in setting up major, medium and small industries.
The communication said that the company had expertise in engineering, procurement, construction, commissioning and supervision of major projects while the Isomeric Holdings had proven track record in setting up gas-based projects.
Construction works according to the Memorandum of Understanding on the fertiliser plant would start in the next fiscal and the project would offer direct employment to more than 5,000 people.
