Oil investments in AP to touch 1.2 lakh crore

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The oil ministry will invest Rs 1.2 lakh crore over the next four years in Andhra Pradesh with the main aim of making Visakhapatnam-Kakinada corridor as the oil hub of India, said Union Minister of State for Petroleum and Natural Gas (Independent charge) at a public meeting held after Chief Minister N Chandrababu Naidu laid the foundation for Indian Institute of Petroleum and Energy,  on Thursday.

Addressing a vast crowd mostly comprising college students, the Petroleum Minister said the proposed Visakhapatnam-Rajahmundry-Kakinada petro-chemical complex would definitely come up with an outlay of Rs 35,000 crore. Foundation stone for this will be laid during the current financial year.

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