IOCL to invest Rs. 31.5bn for polypropylene unit in PCPIR

12 Mar '14

2 min read

The Indian Oil Corporation Limited (IOCL), India’s largest commercial enterprise, would be investing about Rs. 31.5 billion for building a new polypropylene unit in the proposed Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) at Paradeep, a major port on the eastern coast of India, reports Business Standard.

Talking to newsmen on the sidelines of a seminar on PCPIR in Bhubaneshwar, Sidhartha Mitra, Executive Director (Petrochemicals), IOCL, said the company is likely to get its Board’s approval for the polypropylene unit either this month or the next, and the plant is likely to be commissioned by 2017.

The new unit would have a capacity to produce 0.7 million tons of polypropylene per annum, states the report.

The seminar on PCPIR-Paradeep was organized by the Bhubaneswar Regional Centre of the Indian Institute of Chemical Engineers, in association with Indian Chemical Council, Mumbai.

The PCPIR at Paradeep, proposed by Government of Odisha and approved by the Cabinet Committee on Economic Affairs (CCEA), covers an area of 284.15 sq km with a processing area of 123.014 sq km in Jagatsinghpur and Kendrapara districts.

IOCL, which is setting up a 15 million tons per annum refinery at Paradeep, has been identified as the Anchor Tenant for the PCPIR.

The PCPIR hub at Paradeep is expected to attract investment to the tune of Rs. 2740 billion, of which the petroleum and petrochemical projects would account for Rs. 2300 billion. The mega petrochemical complex is likely to generate about 227,000 new employment opportunities.

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