IOC to ink MoUwith IDCO for petrochemical complex at Paradeep

Odisha Industrial Infrastructure Development Corporation (IDCO) has sought the nod of the state government to execute a memorandum of understanding (MoU) with Indian Oil Corporation Ltd (IOC) for setting up a petrochemical complex at Paradip. The petrochemical complex, to be set up by IOC, is a part of the petroleum, chemicals and petrochemicals investment region (PCPIR) hub.
 
The PCPIR hub is planned across an area of 284 sq km straddling the coastal districts of Jagatsinghpur and Kendrapara.
 
Indian Oil Corporation, which is setting up a 15 million tonne per annum (mtpa) oil refinery at Paradip apart from the petrochemical complex, is the anchor tenant for the PCPIR hub. The proposed MoU with IDCO will formally spell out the role of IOC as anchor tenant. The 15 mtpa refinery of IOC, also at Paradip, is expected to go on stream by early 2015.
 
At the proposed petrochemicals complex of IOC, Rs 3,150 crore would be invested on the polypropylene unit, Rs 4,000 crore on monoethylene glycol unit, Rs 10,000 crore on paraxylene PTA (purified terephthalic acid) unit and Rs 18,000 crore on petcoke gasification plant.
 
FOR COMPLETE STORY READ: Idco seeks govt nod to sign MoU with IOCL