MOSCOW (MRC) -- The board of Indian Oil Corporation (IOC), India's largest refiner and oil marketing company, has given in principle approval for a 350,000 tpa glycol unit to be set up at cost of Rs 3,800 crore, and a 1 mln tpa paraxylene/PTA (purified terephthalic acid) unit at an investment of Rs 8,000-9,000 crore, as per Plastemart.
The two projects are expected to come onstream near its refinery at Paradip by 2020. Both the units are part of the Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) hub being established at Paradip. IOC is the anchor tenant of this hub.
IOC also has plans to set up a petcoke gasification plant with an investment of more than 15, 000 crore.
These facilities are in addition to a 0.7 mln tpa polypropylene unit coming up in the petrochemical hub.
As MRC reported earlier, Indian Oil Corporation's Rs 34,555-crore 15 million tonnes per annum Paradip Refinery has been commissioned in phases from March 2015 onwards. 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,
Indian Oil Corporation Limited, or IndianOil, is an Indian state-owned oil and gas corporation with its headquarters in New Delhi, India.
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