As the financial outlook improves, Indian Oil Corporation (IOC) has revived its proposed 15 million ton Paradip refinery-cum-petrochemicals project. The project that has been postponed and altered over the last eight years, was once again put on hold in the middle of this year when oil prices were soaring and IOC registered its first ever loss in the first quarter of 2005-06. Runamay crude prices affected th ebottom lin eof the company due to mounting under-recoveries, forcing IOC to review investment decisions. But as crude prices soften, and positive contributions proceed from sale of petrol and diesel, IOC is geared up once again.
The detailed feasibility report (DFR) of the project is ready and will be placed for approval of the board of directors latest by December for :
An integrated world scale facility for production of paraxylene/purified terephthalic acid (PX/PTA), being set up at a cost of Rs51 billion (US$1.1 billion) and scheduled for commissioning early next year.
A world-scale naphtha cracker with downstream polymer unit for production of linear low density polyethylene (LLDPE), high density polyethylene (HDPE), Polypropylene (PP) and the specialty chemical mono ethylene glycol (MEG) used in synthetic fibre production along with PTA, scheduled for completion in 2007-08.
22-Nov-05 
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