MOSCOW (MRC) -- India's largest refiner and oil marketing company Indian Oil Corporation's Rs 34,555-crore 15 million tonnes per annum Paradip Refinery will be commissioned in phases from March 2015 onwards, said chairman B Ashok, as per Economictimes.
The refinery is capable for processing a broad basket of crude oil grades, including cheaper high-sulphur heavy crudes, which will help the company to improve bottomline, Ashok told.
Indian Oil Corporation (IOC), is conducting feasibility studies to set up a petrochemical complex at Paradip in Odisha for Rs 20,000 crore. The petrochemical complex would be built in the vicinity of the company’s to-be-commissioned 15-mln tpa greenfield refinery at Paradip. The petrochemical complex would be in addition to the already announced Rs 3,150-crore polypropylene project at the same location, the foundation stone for which was laid by MOS for petroleum and natural gas.
The state’s nodal agency for land acquisition and infrastructure development, Odisha Industrial Infrastructure Development Corporation (Idco) has sought approval from the state government to execute a memorandum of understanding (MoU) with IOCL.The pact’s objective is to chalk out a roadmap for development of a petrochemical complex at Paradip. The petrochemical complex, to be set up by IOCL, is a part of the PCPIR (petroleum, chemicals and petrochemicals investment region) hub.
Indian Oil Corporation Limited, or IndianOil, is an Indian state-owned oil and gas corporation with its headquarters in New Delhi, India.