Kuwait-based Al-Kharafi to invest $6.85bn in new petroleum refinery in India

Kuwait-based Al-Kharafi to invest $6.85bn in new petroleum refinery in India
Published: 9 February 2020 - 6 a.m.
By: Martin Menachery
Kuwait-based Al-Kharafi is likely to invest around $6.85bn to set up a petroleum refinery and petrochemical products facility at Thoothukudi in Tamil Nadu, India, according to a top official.

The investment is one of the several pouring into the Indian state, chief minister Edappadi K Palaniswami told the Business Standard newspaper.

Al-Kharafi is expected to set up a petroleum refinery in compliance with BS-VI emission norms adhering to the environmental standard, the official said.

"This will bring in economic growth in the southern part of the state similar to that which took place in Jurong Island in Singapore, and Dahej and Jamnagar in Gujarat," Palaniswami said.

Tamil Nadu has seen 59 projects begin commercial operations in a year after the second Global Investors Meet held in Chennai last January, while another 213 are in various stages of development.

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