Indian Oil Corporation (IOC), country’s largest refiner and oil marketing company, is planning to set up a petrochemical complex at Paradip in Odisha worth around Rs 20,000 crore. IOC Director Debasis Sen has asserted that petrochemical complex would be in addition to the already announced Rs 3,150-crore poly propylene project at the same location. In same region Paradip, the company had already announced to set 15-million-tonne-per-annum (mtpa) greenfield refinery which is likley to be ready in FY16.
In a petrochemical complex, ethylene derivate complex is used to manufacture value-added products such as mono-ethylene glycol (MEG) and polyvinyl chloride (PVC). MEG has a wide range of uses, from making polyester chips, PET bottles and industrial yarn to coolants, paints and wire enamels, among others.
IOC targets to aggressively increase market share in the petrochemical business. The PSU firm revenues from the petrochemical business grew 38% in Q2FY15 to Rs 5,343.04 crore from Rs 3,874.73 crore in the same quarter last year. Currently, Reliance Industries generates maximum revenue from petrochemical production.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.