State-owned Indian Oil Corporation (IOC) plans to float a SPV (special purpose vehicle) with Haryana State Industrial Development Corporation (HSIDC) to develop its petrochemical hub at Panipat. The proposed SPV will have equity from IOC, HSIDC and private developers and shall be entrusted with the responsibility of land acquisition, creation of the necessary infrastructure, etc., for the world-class complex. HSIDC is acquiring 5,000 acres of land for setting up the petrochemical hub with all the basic amenities such as internal roads, drains, sewerage system, street lights, electricity, effluent treatment plants, fire station, commercial and housing facilities, including development of civic infrastructure like schools, hospitals, parks, etc.
The Panipat project marks IOC's foray into the petrochemical sector. The project shall be based on naphtha as feedstock and would comprise associated units and downstream polymer units including HDPE (High Density Polyethylene), Polypropylene and MEG (Mono Ethylene Glycol) at an estimated investment of Rs.11,000 crore. Feasibility is also being studied for setting up further downstream projects like PolyEthylene Terephthalate (PET) by utilising a part of the PTA (Purified Terephthalic Acid) to be generated in the refinery as feedstock.
17-Apr-06 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}