State owned IOC estimates 15% revenue from petrochemicals in next three years

As part of a strategy to invest around Rs 60,000 crore in capacity-building over the next 5 years, state owned Indian Oil Corporation (IOC) aims to have 15% of its revenue from petrochemicals in the next three years. The company is in the process of building a Rs 14,000 crore facility at Panipat for naphtha crackers and propylene that is scheduled to start operations by April 2010. With an initial the capacity utilisation of 65% and according to the demand for petrochemicals, the facility in Paradip will also be converted into a petrochemical complex.
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