Volatile crude oil prices coupled with a supply glut have pushed forward the final commissioning deadline of the Rs 15,000 crore petrochemical complex of Indian Oil Corporation (IOC) at Paradip. High global crude prices and subsidy burden have pushed down margins of oil companies, straining resources available for new projects. Proposed raising of funds through issue of oil bonds by the government of India could provide the requisite funds for the Paradip project.
Engineers India Ltd (EIL) is currently preparing the detailed feasibility report (DFR) of the project with help from Global Solutions, scheduled to be ready in a couple of months. Post approval by the board, the work on the project will pick up pace. The Paradip project has been reconfigured from a refinery to a petrochemical complex. IOC has already spent about Rs 600 crore at site at Paradip towards land acquisition, ground levelling and civil construction.
27-Oct-05 
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