IOC to invest Rs 170 bn in petrochemical projects in Odisha

Indian Oil Corporation Limited will make an investment of around Rs 170 billion in three petrochemical projects in Odisha to produce polyester fibre to be used as feedstock in a textile park in the state.

Speaking at an investors conclave, Union minister for Petroleum and Natural Gas and Skill Development Dharmendra Pradhan said the IOCL plans to set up PTA (Purified Terephthalic Acid) and MEG (Monoethylene Glycol) plants within its refinery complex at Paradip.

“The work on the PTA and MEG plants will start this financial year and is expected to be commissioned in three years,” added the Minister.

The PTA and MEG plants within will come up at the public sector company’s Paradip refinery complex. They will then be converted into polyester yarn and staple fibre at a facility at the proposed textile park.

Image Credit : thehindubusinessline.com

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