India’s IOC firms up plans for $1bn PX plant

31 March 2008 18:28  [Source: ICIS news]

NEW DELHI (ICIS news)--Indian Oil Corporation (IOC) has firmed up its plans for a rupees (Rs) 42bn ($1.05bn) paraxylene (PX) plant in Haldia, West Bengal state, a government official said on Monday.

  

The project envisaged paraxylene capacity of 610,000 tonnes/year and benzene capacity of 180,000 tonnes/year, the official said, adding it would also provide for capacity of 175,000 tonnes/year of motor spirit reformate.

 

IOC would decide on the start-up date for the project after securing environmental clearance from the government and investment approval from the company’s board of directors, the official said. 

 

IOC was considering Mitsubishi Chemical Corporation (MCC) subsidiary MCC PTA India Corp Private Limited (MCPI) as a prospective customer for the PX from its proposed plant, an intermediate for purified terephthalic acid (PTA), it said

 

MCPI is expected to complete expansion of its PTA capacity in Haldia from 470,000 tonnes/year to 1.3m tonnes/year by June.

 

($1 = Rs39.8)

By: Naresh Minocha
+65 6780 4359

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