Indian Oil Corp has granted “stage-one” approval for establishing a petrochemical complex at Paradip, Odisha. The estimated cost for the project is $7.4 billion, making it the state-owned group’s largest-ever investment in a single location.
The complex will include a world-scale cracker and downstream units for polymers such as PP, HDPE, LLDPE and PVC, as well as chemicals like phenol and isopropanol. Output from the complex is expected to provide feedstock and vitalize growth in key downstream industries that include plastics, pharmaceuticals, agrochemicals, personal care and paints.
Indian Oil did not give a timescale for the project, which it said would be a growth driver for turning the company into a major petrochemical player while also strengthening India’s self-reliance.
The oil and gas group is currently building an integrated paraxylene (PX) and purified terephthalic acid (PTA) facility at Paradip, to come on stream in 2024. Technip Energies is providing engineering, procurement, construction and commissioning services on the facility, which will be integrated with the site’s refinery and produce 800,000 t/y PX and 1.2 million PTA.Share This