Indian Oil Corporation is geared up to start a preliminary feasibility study for the petroleum, chemicals and petrochemicals investment region (PCPIR) at Nayachar. IOC plans are to connect its existing project in Haldia with its Nayachar project to create an integrated petroleum complex. Currently, IOC is awaiting a formal letter from the government identifying the island as the chosen site for the hub. The Indonesia-based Salim Group, which will develop Nayachar as the site for the chemical hub, has started soil tests. IOC will be the anchor investor.
IOC has asked for an additional 84 acres to expand capacity of its Haldia refinery from 6 mln tons to 7.5 mln tons - a proposal that has been cleared by the Union fertiliser ministry. The expansion now awaits clearance from the Calcutta Port Trust. IOC also wants to build a paraxylene plant to supply feedstock material to Mitsubishi Chemicals plant- clearance for which is awaited shortly.