Indian Oil Corporation Ltd (IOC), the country’s largest refiner, is to invest Rs 50,000 crore to set up three downstream petrochemical units and expand its refining capacity.
“In Odisha, we have three projects worth Rs 16,500 which are at various stages of implementation,” IOC chairman Sanjiv Singh said on the sidelines of the textiles and plastics investors’ conclave here on Sunday.
Singh said that about Rs 4,500 crore will go into projects such as a Purified Terephthalic Acid unit and Rs 10,000 crore will be for a Mono Ethyl Glycol unit. Another Rs 2,000 crore will go into setting up a polyester staple fibre (PSF) unit.
This facility is the second such downstream petrochemical facility in Odisha, where IOC is also setting up a plastic park close to its refinery in Paradip. Read More