16 May 2007 15:16 [Source: ICIS news]
MUMBAI (ICIS news)--Chennai Petroleum is studying plans to build a 1.2m tonne/year cracker and aromatics complex at Ennore in Tamil Nadu, India, a source close to the company said on Wednesday.
The complex would consist of a downstream 15m tonne/year refinery and would also includes a captive power plant.
The entire project, which would be jointly undertaken by Chennai Petroleum's parent company Indian Oil Corporation (IOC), is estimated to cost Indian rupees (Rs) 350bn ($8.6bn) and is targeted for completion in 2014-15, the source said.
Both companies are also looking for a strategic investor in the project, he added.
“The cracker would use naphtha and gasoil as feedstock and the derivatives slate is likely to include high density poly ethylene (HDPE), linear low density polyethylene (LLDPE) and monoethylene glycol (MEG),” the source said.
“The aromatics facility would have a capacity of 800,000 tonnes/year,” he added.
Engineers India Ltd (EIL) is carrying out a pre-feasibility study, which is likely to be completed in June, he said.
The companies have approached the Tamil Nadu government for 3,000-3,500 acres of land at Ennore for the project.
($1 = Rs40.7)
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