IOC to invest in naphtha cracker

Indian Oil Corporation (IOC) is planning to invest Rs 7000 crore in setting up a naphtha cracker complex by 2006–7. “Feasibility study for project has been completed. We propose to set up 0.7–0.8 million tonnes of ethylene capacity,â€? chairman M S Ramachandran said. The corporation is exploring the possibility of setting up the complex in either south or west of India in 48 months from the date of final investment approval, Ramachandran said. He, however, said the location has not yet been finalised. IOC is already in the process of setting up a Paraxylene (PS)/purified terephthalic acid (PTA) plant at Panipat using feedstock from Panipat and Mathura refineries. The project is scheduled to be completed by May 2005 at an estimated cost of Rs 4228 crore, he said.

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