IOC Board gives approval for paraxylene PTA, ethylene glycol units at Paradip

06-Jul-15

The board of Indian Oil Corporation (IOC) has given in principle approval for a 350,000 tpa glycol unit to be set up at cost of Rs 3,800 crore, and a 1 mln tpa paraxylene PTA (purified terephthalic acid) unit at an investment of Rs 8,000-9,000 crore. The two projects are expected to come onstream near its refinery at Paradip by 2020. Both the units are part of the Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) hub being established at Paradip. IOCL is the anchor tenant of this hub. IOCL also has plans to set up a petcoke gasification plant with an investment of more than 15, 000 crore. These facilities are in addition to a 0.7 mln tpa polypropylene unit coming up in the petrochemical hub