Panipat petrochem hub in jeopardy on pending approval from IOC's board for 4 years

27-Aug-08
A petrochem hub in Panipat planned at an outlay of Rs 30000 cr in partnership with IOC seems to be in jeopardy. Plans of the Haryana Government to house the project in the state, seem to be faced with a major hurdle. Indian Oil Corporation (IOC)'s board has yet to give the approval for the project even after a lapse of four years since the signing of the memorandum of understanding (MoU). Rising oil and petroleum prices have resulted in losses for the company - increased losses in fuel sales likely to result in overall losses to the tune of Rs 5800 crore for the fiscal. As time lapses, the state government has asked IOC to speed up its response, and could consider an alternative partnership to go ahead with the project. IOC, which had signed a MoU with the Haryana State Industrial & Infrastructure Development Corporation (HSIDC) to form a special purpose vehicle for the development of the hub, was to complete the construction work of the complex by 2007-2008.
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