IOC in dark on petrochem hub

Kolkata: Indian Oil Corporation (IOC), the anchor investor in the petrochemicals hub project in West Bengal, is yet to receive official intimation from the state government on the changed location for the project.

Speaking to the media, IOC chairman Sarthak Behuria said that IOC had not yet visited Nayachar island, now identified by the state as the site for the hub.

IOC would invest Rs 5000 crore over three to four years to expand its refinery at Haldia together with setting up a petrochemicals unit. After expansion, the refinery capacity would be 7.5 million tons per annum (mtpa) from 5mtpa now.

This apart, IOC will also set up a paraxylene manufacturing unit on 86 acres next to its refinery. The project will produce captive feedstock for the neighbouring Mitsubishi Chemicals Corporation PTA India facility.

Behuria did not divulge the break-up of investments in the two projects. Land for the paraxylene project has been identified and would be bought from the Kolkata Port Trust and Hindustan Fertiliser Corporation.