IOC mulls second PX plant at investment outlay of Rs 2,500 cr

25-Jul-07

Indian Oil Corporation (IOC), the country's largest refiner of crude oil and marketer of petroleum products, plans to set up a second paraxylene plant at one of its refineries at an investment outlay of Rs 2,500 crore. The plant could be located at any of the company's major refineries including Barauni, Panipat and Gujarat. This plan is in line with the company's policy of forward integration into petrochemicals as its next big business opportunity. It is already operating a Rs 5,000 crore paraxylene and purified terephthalic acid plant at its 12 million tpa refinery in Panipat. A Rs 6,300 crore naphtha cracker complex is also under construction at the refinery in Haryana. IOC is also planning around Rs 6,000 crore petrochemical complex at its upcoming 15 million tpa refinery in Paradip, Orissa.