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Revised cost estimates of the Assam Gas Cracker Project approved by Cabinet Committee

November 17/2011

(Plastemart) -- The Cabinet Committee on Economic Affairs on Wednesday approved the revised cost estimates of the Assam Gas Cracker Project to the tune of Rs 8,920 crore (on as-built-basis). The project schedule has also been revised with mechanical completion by July 2013 and commissioning by December 2013. This would be funded by capital subsidy of Rs 4,690 crore as well as debt and equity of Rs 2,961 crore and Rs 1,269 crore respectively. In case, the planned loans do not materialise, the same would be picked up as additional equity by the promoters. According to an official statement, the revised capital subsidy would be sought by the Department of Chemicals and Petrochemicals from the Ministry of Finance, Planning Commission in the current fiscal and the next by way of additional budgetary support.

Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

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