Indian Oil plans to seek board approval to go ahead with the hapless Paradip refinery project, with a capacity of the 15 mln ton. The company is confident to commence the preparatory work for the project, including the appointment of project management and engineering, procurement and construction contracts this year.
Initially the company had proposed the setting up a refining cum petrochemicals complex at an estimated cost of over Rs 20,000 crore. However, the latest proposal focuses only on the refinery with a provision for setting up a naphtha-cracker in the second phase. The project seems poised to take off this quarter as the detailed feasibility report (DFR) of the project has recently been approve and the company is in the process of finalizing a date for the project evaluation committee (PEC) meeting.
19-Jan-06 
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