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IOC feasibility report on Paradip project
Pratim Ranjan Bose
Kolkata
,
March 22
Come Saturday and IndianOil will finally place before its board a detailed feasibility report for setting up a Rs 25,500-crore modern 15 million tonne refinery-cum-petrochemicals complex at Paradip in Orissa.
This will be the first coast-based refinery of IOC. The company is currently setting up a petrochemicals complex at Panipat in Uttar Pradesh.
Company sources do not rule out the possibility of an equity partner in the Paradip project in future. The provision of raising equity finance from the market may also be considered.
Apart from refined products, the project will include production facilities for parazylene, poly-propylene, styrene and other petrochemical products.
The refinery will produce a proportionately high amount of auto-fuel and other high value distillates. Production of intermediaries will be the lowest among IOC refineries.
Compared to other IOC refineries which are designed to handle sweet crude, Paradip will run solely on heavy and sour Middle East crude with very low API value.
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