Indian Oil Corporation Ltd, the state owned downstream behemoth is under taking feasibility studies for its petrochemical business in West Bengal worth Rs 6,000 crore. Production of Poly-Propylene and Phenol will bring in this investment.
Sanjiv Shah, general manager, business development (Petrochemical-PJ), said,"Our petrochemical plant at Paradip is under construction which will be commissioned in 2012-13 and we are presently under taking feasibility studies for poly-propelene. We will invest Rs 3500 crore for this project once the study is complete. It will have a production capacity of 60000 tonnes per annum. We are also undertaking feasibility study for putting up a phenol unit in West bengal with an approximate capacity of 250,000 tonnes per annum.
The capex for this project will be Rs 2,500 crore and we have not yet identified site for this project."
IOC has been putting up India's first Styrene Butadine Rubber (SBR) project in a joint venture with Marubeni, a Japanese company and TSRC Corp of Taiwan plant in Panipat will be commissioned in 2012-13.Shah added," we have an existing naphtha cracker in the Panipat unit and a readily available C4 and C5 stream which we will utilise for new product line.
"Shah added," we have an existing naphtha cracker in the Panipat unit and a readily available C4 and C5 stream which we will utilise for new product line."