Indian Oil Corporation intends to develop a full-fledged petrochemicals complex close to its refinery at Haldia in West Bengal.
IOC has asked the Union ministry of chemicals and fertilisers to make available the adjacent 175 acres land of the defunct Hindustan Fertilizer Corporation for the project. The company plans to replicate the Paradip model at Haldia.
At the Haldia refinery, IOC is currently setting up a second Catalytic Dewaxing Unit (CDW-II) at a cost of Rs 1,019 Crore. The CDW unit will help in augmenting API Group-II & Group-III Lube oil base stock (LOBS) production.
At the 15 mtpa capacity Paradip refinery, IOC is setting up a Paraxylene & Purified Terephthalic Acid (PX-PTA) unit with capacity of 1.2 MMTPA at Paradip in Jagatsingpur district of Odisha. The Rs 13,805.00 Crore project is expected to be ready by January 2024. As of November 2022, around 54 per cent work on the project was completed and an amount of Rs. 2002.71 crore expenditure was incurred on the project.