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CPC Corp To Invest Rs 43,000 Cr In IOCL’s Paradip Refinery

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01 August 2018

Binay Kumar Ray

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Paradip: The mega-refinery of Indian Oil Corporation Ltd (IOCL) in Paradip has a massive potential and capacity much larger than CPC Corporation and the company has planned an investment of Rs 43,000 crore for a greenfield cracker and downstream project at the plant, said president of the Taiwanese petrochemical giant, Lee Shun-Chin on Wednesday.

Lee Shun-Chin and delegates from Taiwan Petrochemical Alliance (TPA) accompanied by IDCO MD Sanjay Singh visited Paradip Refinery today. He announced the proposed investment after an industrial tour of the port city followed by a meeting with IOCL ED GS Singh.

The Taiwanese delegation had met Union Petroleum Minister Dharmendra Pradhan on Tuesday where they had detailed discussions with Pradhan and senior officials of Petroleum Ministry on the proposed investment.

The Taiwan delegation has recognized East Coast of India and Odisha in particular, for the location of the cracker and downstream units, Ministry sources revealed.

During the discussions, IOCL's 15-million metric tonnes per annum Paradip Refinery has emerged as a suitable location for investment in a greenfield cracker and downstream units at an estimated investment of USD 6.6 Billion i.e. around Rs 43,000 crore.

The proposed cracker, based on different streams of feedstock, will have several downstream units for production of a diverse spectrum of petrochemical intermediates and end-products.

The delegation was given a detailed presentation about Paradip Refinery followed by site visit to Refinery Main Control Room and units.

Also Read: Paradip IOCL Staff Meet STF, Complain Against Oil Pilferage From Pipeline

Also Read: Rs 28.95 Cr Okayed By Odisha CM For 1077 Rural Projects In 122 GPs

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Lee Shun Chin,President, CPC

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G S Singh, Executive Director,Paradip Refinery