A Sharjah-based oil production company, Gulf Petrochem group has committed to invest close to Rs 3,600 crore for setting up a bitumen refinery in Gujarat, state government official said Friday.

Officials from the company based in United Arab Emirates (UAE) met state government officials in this regard at Gandhinagar. Principal Secretary, Industries and Mines Department, MK Das and Mukesh Kumar, vice-chairman and CEO of Gujarat Maritime Board (GMB) were present in the meeting on Friday.

“The company has submitted an expression of interest for setting up a bitumen refinery in Gujarat. It will be set up with an investment of USD 500 million,” a senior state government official from the Chief Minister’s Office told The Indian Express.

“The refinery is expected to take shape near a port in Saurashtra. The location has been finalised and an MOU (Memorandum of Understanding) will be signed between the company and the state government within two weeks,” the official added without revealing the exact location of the proposed refinery.

In order to meet the increasing demand for bitumen speciality products in West and North India, the company has already constructed a high capacity storage terminal of various petroleum products including Bitumen at Pipavav port in Gujarat. The company manages 46 tanks at this location where products like Naptha, Crude oil, Gas oil, kerosene, Bitumen and petrochemicals are handled.

The company currently imports and supplies bulk bitumen from Mundra (Gujarat), Karwar (Karnataka), Haldia (West Bengal) and Kahipur (Uttaranchal).

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