Indian Oil Corporation’s 15 MTPA Paradip refinery in Odisha may not be commissioned by June 30th as was earlier decided. Instead the project may be commissioned by the end of this calendar year. The company is also looking out for an investment partner for this project. IOCL was reportedly in talks with Kuwait Petroleum Corporation to offload 26% stake in the project.
IOCL is also firming up its plans for the second phase of the project involving an investment of Rs.7,650crore. IOCL is planning to set up 0.7 million TPA capacity polypropylene unit at an estimated cost of Rs.3,150 crore. The project is expected to be complete by 2017-18. IOCL is also planning to set up an ethylene derivatives complex at an estimated cost of Rs.4,500 crore. Currently, IOCL is conducting the feasibility study of the project and project is expected to come up by 2019-20.