Petrotahlil :Odisha has cleared Rs 78,225 crore investment proposal by Haldia Petrochemicals towards a hydrocarbon processing complex in Balasore, an official in the state’s industry department said.
The state’s single window system cleared the proposal. It will be given a go-ahead by the state’s High-Level Committee chaired by Chief Minister Naveen Patnaik soon.
The project, which comprises a light crude refinery, aromatic complex and ethylene crackers complex, is an enhanced investment commitment from HPL, whose initial proposal of Rs 28,700 crore was cleared in March.
“HPL had come back to the state on its own with comprehensive and enhanced investment proposal,” the industry department official said. The project, an endorsement for Naveen Patnaik’s Make in Odisha effort, includes a 1.080 polyethlene unit, a 1.6 mtpa unit of paraxylene, and 1.25 mtpa of purified terepthalic acid (PTA).
“It has been agreed to make adequate quantities of ethylene and propylene, and C4 streams such as Butene-1 and butene-2 shall be made available for downstream units. Common utilities such as steam, compressed air, industrial gasses, power shall also be made available to downstream players,” said the official.
The project cost of the first phase is pegged at Rs 52,900 crore, with Rs 15,886 crore as equity and Rs 37,014 crore in debt.
Follow us on twitter @petrotahlil