IOC mulls equity partner at Paradip petrochemical complex, recasts project priority

05-Mar-10

Indian Oil Corporation (IOC) is recasting priority of its several projects in the pipeline in line with its sagging bottomline, which is forcing it to consider an equity partner for its Rs 30,000 crore refinery at Paradip in Orissa. Some public interest projects such as fuel quality upgrade plans and those with 15-16% IRR will not be compromised and while other projects that will have to wait, no ongoing project will be allowed to suffer. Petrochem and retail chain expansion are areas where projects will be deferred, whereas, the N-power plans in joint venture with NPCIL or overseas acquisitions will be pursued.