Escalating project costs during the last two years, have forced IOC to change its original plan of setting up an integrated-refining-cum petrochemicals complex at Paradip at a cost of Rs 25,000 crore. Now, Indian Oil proposes to set up only a refinery Paradip in the first phase, and is initiating the process of appointing the project management contractor for setting up the Paradip refinery early next month. SBI Capital has been appointed for tying up finances for the proposed grassroot refinery at an estimated cost of Rs 30,000 crore.
30-Jun-08 
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