CALS Refineries Limited, a North India-based company, has signed a MoU with the West Bengal Industrial Development Corporation and the Haldia Development Authority for a Rs 20,000 crore refinery project in Haldia.

The 20K crore project has been scheduled to be completed in three phases. The first phase will attract an investment of Rs 4000 crore for a 5 million tons capacity project.

The second phase will create employment for 1,500 people and will be commissioned by the end of 2010.

In third phase the company will set up a greenfield project at Nayachar with the investment of Rs 1200 crore. The final phase will be commissioned in 2013.

CALS has already spent around Rs 360 crore towards payment of equipment, supply, basic engineering and initial project enabling work.

According to the company, the Site activities will begin by April 2008 and shipments of equipment are expected to arrive in Haldia from July 2008.