Indian Oil Corporation (IOC) will increase the capacity of its proposed oil refinery at Paradip in Orissa to 15 million tonnes and build it as a petrochemical-cum-oil refinery by 2009-10 at an estimated cost of Rs 20,000 crore. IOC, as a step towards forward integration, will start manufacturing petrochemical products like purified terephthalic acid (pta) and paraxylene (px) from high aromatics naphtha produced from Panipat and Mathura refineries from October 2005. IOC is also building a naphtha cracker and downstream polymer units (naphtha cracker complex) at Panipat at an estimated cost of Rs 6300 crore. The naphtha cracker complex is scheduled for commissioning in the year 2007-08.
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