Home Business Times IOCL To Invest Rs 13805 Cr For New Plant In Paradip

IOCL To Invest Rs 13805 Cr For New Plant In Paradip

IOCL To Invest Rs 13805 Cr For New Plant In Paradip
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Indian Oil Corporation Limited is going to invest 13,805 Crore in setting up the plant on Pradip. This money will be invested to manufacture raw materials for the textile sector.

According to the officials, this project is presumed to be completed by 2014. The Paraxylene or known as PX and Purifies Terephthalic Acid or known as PTA plant will be desegregated with the Indian Oil Corporation Limited’s refinery facility in Jagatsinghpur district.

At around five million working days of employment will be produced through this project over the three-year plant construction phase.

The integrated Paraxylene or PX and Purified terephthalic acid (PTA) complex plant in Paradip will be set up to expedite the textile sector. The approximated investment amount will be around 13805 Crore.

The petrochemicals complex will have a PX production capacity of 800,000 tonnes per annum. The size of PTA production would be 1 200,000 tonnes per annum. The Purified terephthalic acid or PTA is a raw material for the production of polyester.

SM Vaidya, the IOCL Chairman, also talked about the development of the project. Along with this project, the upcoming mono-ethylene glycol facility of 357-kilo tonne per annum capacity in Paradip will be ready to source a feedstock for Indian Oil’s next 300 KTA textile yarn manufacturing project in Bhadrak. Indian Oil’s MEG production facility is already under implementation and will become operational by the end of 2021.

Article Written by Dikhya Mohanty

Image Source: Google

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