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INDIA: Indian Oil Corporation Ltd will operationalise the proposed paraxylene PTA and ethylene glycol units proposed near its refinery at Paradip by 2020. The combined investment in these two units is pegged at around Rs 13,000 crore.
Both the units are part of the Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) hub being established at Paradip. IOCL is the anchor tenant of this hub “The board has given in principle approval for the glycol unit to be set up at cost of Rs 3,800 crore with a capacity of 350,000 tonnes annually.
The paraxylene PTA (purified terephthalic unit will see an investment of Rs 8,000-9,000 crore and will take four to five years to operate as it is a large project,” said Siddhartha Mitra, executive director IOCL on the sidelines of a seminar ‘Petrochem Odisha Shaping Petrochemicals and Plastic Industries’, organised by Odisha chapter of Indian Chamber of Commerce(ICC)..
