Amaravati, Feb 7 (PTI) The HPCL's Visakha Refinery is set for modernisation and expansion at a cost of Rs 26,264 crore.

Also Read | Sensex Tanks 1023 Points; HDFC Bank, L&T, Bajaj Finance Slump.

“This is by far a massive industrial project ever in Andhra Pradesh,” BJP MP G V L Narasimha Rao said in a statement here on Monday.

Also Read | SBI Recruitment 2022: Apply for 48 SCO Posts on sbi.co.in; Check Details Here.

Under the Visakha Refinery Modernisation Project (VRMP), the capacity of the refinery would be expanded from the present 8.3 to 15 Million Metric Tonne Per Annum.

“The VRMP is scheduled to be completed during the year 2022-23,” Narasimha Rao said, quoting a reply given by Union Petroleum and Natural Gas Minister Rameswar Teli.

The modernisation and expansion project is expected to have multiple benefits and impact, including supply of Bharat Stage-VI-compliant motor fuels.

It would also enhance energy security with increased refining capacity and improved refinery complexity and conversion efficiency.

The BJP Rajya Sabha member said the project would generate massive direct and indirect employment during the construction and post-construction phases, thereby leaving a positive impact on Indian industry in general and Andhra Pradesh in particular.

“There will be a high local component in the project cost as it will nurture and encourage local industry during the project building and post-project phases. It will boost the state's economy in the form of additional taxes,” Narasimha Rao added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)