New Delhi [India], June 9 (ANI): The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave its approval for the proposal of the Department of Fertilizers for extension of the applicability of New Investment Policy (NIP)-2012 read with its amendment dated October 7 for the Ramagundam Fertilizers and Chemicals Limited (RFCL).
Cabinet approves sops to Ramagundam urea plant
June 09, 2021
All urea plants set up till 2019 will get several incentives The Cabinet Committee on Economic Affairs on Wednesday decided to provide benefits accruing from the New Investment Policy-2012 to Ramagundam Fertilisers and Chemicals Limited (RFCL) in Telangana, even though the project was commissioned only in 2021, an official statement said.
As per the policy all urea plants set up till 2019 would get several incentives including a minimum post-tax return on capital investment. However, the Ministry of Chemicals and Fertilisers proposed to extend the same to RFCL too, which now received green nod from the Cabinet. RFCL is one of the largest fertiliser manufacturing units of South India.
The company plans to drill 17 wells this year
Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) CEO Wilson Zelaya announced the state-run company projected an oil income above 1,900 million US dollars for the year 2021, which would represent a 35% growth compared to 2020.
During the 2021 Initial Public Accountability Hearing, Zelaya said these revenues will help reactivate the economy through the allocation of the Direct Tax on Hydrocarbons (IDH), royalties and other taxes to which YPFB contributes.
The planned investment amounts to US $ 788 million, of which YPFB in charge of 85% either directly or through its affiliates and subsidiaries and the remaining 15% is to be chipped in by companies which operate exploration and production fields.
Dangote’s US$2.5 billion West Africa’s largest fertilizer plant to commence operations in Q1 2021.
Dangote Fertilizer Plant, the US$2.5 billion plant owned by Africa’s riches man Aliko Dangote, looks set to commence operation in the first quarter of 2021.
The Urea Fertilizer plant was built to tap into Nigeria’s demand for fertilizer, a critical component of achieving food sufficiency for Africa’s most populous country.
Naija247news reported that the plant will be opened early in 2021 producing Granulated urea fertilizer plant. The plant capacity is also expected to be expanded to produce multiple grades of fertilizers to meet soil, crop and climate-specific requirement for the African continent, as Fertilizer is essential for agribusiness in Africa.