CPC Corp to invest $6.6 billion in India

CPC Corp to invest $6.6 billion in India

Union Oil Minister Dharmendra Pradhan has said Taiwan’s state-owned CPC Corp has proposed to invest USD 6.6 billion in petrochemical projects in Paradip in Odisha using feedstock from IOC.

He wrote on Twitter: “Met with a delegation led by President of Taiwan’s state-owned petrochemical company, CPC Corporation. They propose to invest $ 6.6 billion in petrochemical projects in Paradip using feedstock from IOC.”

Meanwhile, an Indian Oil Corporation statement said, “the delegation led by Shun-Chin Lee, President of CPC Corporation had detailed discussions with the Minister and senior officials of the Ministry and the oil industry on the proposed investment and identified the East Coast of India, and Odisha in particular, for the location of the cracker and downstream units.”

During the discussions, IOC’s 15-million 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, it added.

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