India to set up petroleum hub

The Indian government plans to set up the first Petroleum, Chemical and Petrochemical Investment Region (PCPIR) in January 2008. Proposals from three state governments– Andhra Pradesh, Gujarat and Karnataka are being examined, according to Ramvilas Paswan, minister for chemicals and fertilizers and minister for steel. West Bengal, Maharashtra, Orissa and Tamil Nadu have also indicated interest, The PCPIR policy was launched early this year, to boost the manufacturing sector, increase exports and make the sector globally competitive. The policy framework has been designed to promote investment in this sector and to make the country an important hub for both domestic and international markets, said Paswan. (September 28, 2007)