APIC '07: IOC gets board approval for Paradip

17 May 2007 05:39  [Source: ICIS news]

TAIPEI (ICIS news)--Indian Oil Corp’s (IOC) phase 1 investment in petrochemicals at its proposed Paradip refinery complex at Abhayachandrapur, Orissa state, has received final board approval, a company official said on Thursday.

Phase 1 will include a downstream low density polyethylene (LDPE) unit, a 15m tonne/year refinery and a 4m tonne/year fluid catalytic cracker (FCC), said Avinash Verma, chief manager of IOC's petrochemicals marketing division.

He was speaking to ICIS news on the sidelines of the two-day Asia Petrochemicals Industry Conference (APIC) which ends on Friday.

Verma, however, declined to reveal the capacity of the LDPE unit.

ICIS news earlier reported that Phase 1 downstream units include paraxylene (PX), styrene and polypropylene units and will cost an estimated rupees (Rs) 256.5bn ($6.2bn).

Commercial operations at Phase 1 of the Paradip refinery is expected to begin in 2011-2012, Verma said, and will have paraxylene (PX) capacity of 1.2m tonnes/year when completed.

Phase 2, which involves the construction of a naphtha cracker and downstream polymer units is still being worked out, he said, adding that feasibilities studies on the project have not yet been finished.

($1 = Rs40.60)

By: Jeanne Lim
+65 6780 4359

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