In the next eight years, Indian Oil Corporation (IOC) proposes to invest Rs 25,000 crore in the petrochemical sector as well as stay focused on refining the heavy grade, high sulphur crude oil that has the potential to increase refining margins.
IOC's detailed feasibility study on its proposed 15 million tpa refinery and petrochemicals complex at Paradip in Orissa is expected to be ready by August. With continued demand, IOC has decided to go ahead with the project with funds coming mostly from internal accruals. Committed to completing the Rs15,000 crore project by 2009, IOC plans to commence construction soon. The output of this plant will be more for exports to the growing markets of China and South-East Asia
In view of a glut in the refining industry in the country, IOC has been going slow on the Paradip project for the last 4 years. IOC's current focus is on the Panipat refinery, where it has several streams of products. At Panipat, a Rs5,100 crore integrated paraxylene and purified terephthallic acid (PX/PTA) unit is expected to go on stream by October. A naphtha cracker and downstream polymer units at a cost of Rs 6,300 crore would be ready by 2008.
18-Jul-05 
