Despite doubts expressed by the project evaluation committee (PEC) on the project's configuration and its long-term economic viability, Indian Oil Corporation (IOC) plans to seek board approval for the 15 mln ton Paradip refinery-cum-petrochemicals project this month. However, IOC plans a proper evaluation before the commissioning stage and will discuss issues with PEC on the project proposal once again.
Delay in securing PEC approval and the resulting delay in seeking board approval has had an adverse impact on IOC's plans to award PMC and EPC contracts within this year and it is reported that IOC has once again revived its original proposal to set up a port-based export oriented integrated refinery-cum-petrochemicals complex at an estimated cost of Rs 28,000 crore. This marks a major shift from the company's previous plans of setting up a refinery in the first phase with provisions for setting up a naphtha-cracker in the second.
08-Mar-06 
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