India's IOC approves $1.8bn Odisha PX/PTA project

Petrotahlil - The Indian Oil Corp (IOC) board has approved the setting up of an integrated paraxylene (PX) and purified terephthalic acid (PTA) complex project at Paradip, in eastern Odisha state and expects to bring it online in early 2024.

IOC announced that its board had approved the investment of around Indian Rupees (Rs) 138bn ($1.84bn) to set up the PX/PTA project at its Paradip refinery complex, the company said in a statement over the weekend.

The petrochemicals complex will have a PX production capacity of 800,000 tonnes/year, which will provide the feedstock for the 1.2m tonnes/year PTA line.

"This plant, along with the upcoming monoethylene glycol (MEG) plant of 357,000 tonnes/year capacity at Paradip, would be a ready source of feedstock for IOC’s upcoming 300,000 tonnes/year textile yarn manufacturing project at Bhadrak in Odisha,” IOC chairman SM Vaidya said.

The MEG unit is expected to become operational towards the end of 2021, the IOC statement said.

This complex will help facilitate other textile and polyester projects in the region, Vaidya said.

IOC already operates a 680,000 tonne/year polypropylene (PP) unit comprising two lines of 340,000 tonnes/year each at the site.

Once operational, all these units will help provide the feedstock for the Petroleum, Chemical and Petrochemical Investment Region (PCPIR) that the Indian government plans to set up in Paradip, IOC said in its statement.

($1= Rs 74.93)

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Source : ICIS