Indian Oil Corporation’s (IOC) Board has accorded Stage–I approval for implementation of India’s first ever Styrene Monomer Project with a capacity of 387 thousand metric tonnes per annum (TMTPA) at an estimated cost of Rs 4,495 crore, at company’s Panipat Refinery & Petrochemical Complex.
Earlier the Panipat Refinery Expansion Project from the existing 15 MMTPA to 25 MMTPA was approved by the company’s Board in February 2021 with a capex of Rs 32946 crore. As part of the Expansion Project, a new high severity Fluidized Catalytic Cracking Unit (FCCU) of 2.5 MMTPA capacity, based on the company’s flagship INDMAX technology would be set up to maximize LPG production and basic petrochemical building blocks-Propylene and Ethylene. There is a Propylene potential of around 514 KTA of in the Project, which would be utilized for production of Polypropylene (PP) through a new PP unit. The Styrene Project envisages to utilize the Ethylene potential from the INDMAX Unit and Benzene that is already being produced at the Panipat Complex.
The Project would be commissioned by 2026-27. Availability of Styrene domestically is expected to accelerate the growth of downstream Industry leading to expansion of the industry as well as create employment opportunities.
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.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1435.70 |
| Indian Oil Corp. | 144.70 |
| BPCL | 302.85 |
| HPCL | 387.00 |
| MRPL | 167.90 |
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