In line with its plan of becoming a leading petrochemicals player in the country within a short period of time, Indian Oil Corporation Ltd (IOC) has projected a turnover of Rs 18,000 crore from its petrochemicals business by the year 2011-12. The oil major ha sa long term plan of being among the top three petrochemical players in South East Asia.
The oil major is currently in the process of implementing a master plan envisaging investments at Rs 30,000 crore in petrochemicals by the year 2011-12. Feedstock for these projects will be provided from its existing refineries, thereby achieving better exploitation of the hydrocarbon value chain. Thus IOC plans projects from low investment, high value such as MTBE (methyl tertiary butyl ether) and Butene1 at its Gujarat refinery. The company has also set up linear alkyl benzene (LAB) plant in Gujarat and an integrated paraxylene/ purified terephihalic acid plant at Panipat. Also, a naphtha cracker complex with downstream polymer units is coming up at Panipat refinery and is scheduled for commissioning in 2009. IOC is also coming up with its proposed refinery cum petrochemicals complex at Paradip, on the east coast of India.
A memorandum of understanding (MoU) has been signed with the Haryana State Industrial & Infrastructure Development Corporation for launching a special purpose vehicle for development of a petrochemicals hub at Panipat. Plans are underway for a refinery-cum-petrochemicals unit at Paradip.