IOC plans R7,650 cr facility at Paradip

State-owned Indian Oil Corporation (IOC) plans to invest Rs 7,650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odisha in the next 3-4 years, a company executive said.

IOC wants to use propylene from cracked LPG and ethylene from refinery offgas to produce plastic that is used in manufacturing furniture, disposable cups and trays, printed packaging material, plain and transparent films, currency notes, food packets and pressure-sensitive tapes.

“The Board (of IOC) will this month consider setting up a 700,000 tonnes per annum polypropylene (PP) plant at an estimated cost of Rs 3,150 crore. The plant is to be built by 2017-18,” the official said.

The 15 million tonnes Paradip refinery, being built at a cost of Rs 29,777 crore, is likely to be mechanically completed in next quarter, following which stage was commissioning of various units will begin.