Indian Oil Corporation (IOC) has increased the investment in its planned refinery at Paradip from Rs 11,000 crore to Rs 19,000 crore to meet the resource requirement of a petrochemical complex within the project. The Paradip refinery will have the capacities of 9 million tonnes and 15 million tonnes. This will give IOC the option of going in for the more profitable option if demand remains strong in the future. The company has already committed to complete the Paradip refinery by 2009-10 but is willing to advance it to 2008-09 if the demand for petroleum products is high enough to justify the move.
Bengal's decision to back Purnendu Chatterjee, prompted IOC to think of Paradip as an alternative in the east. The petrochemicals business, in which Reliance enjoys a near-monopoly after the acquisition of IPCL, is concentrated in the western part of the country. IOC will get an opportunity to break into the northern and eastern regions with its Panipat and Paradip projects.
26-Apr-05 
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