IOC’s board clears Rs 61,000 crore petchem plant
NEW DELHI: IndianOil’s board has cleared the way for building a petrochemical complex at Paradip in Odisha at an estimated Rs 61,077 crore, marking the largestever investment by the staterun company at a single location.
The move flows from the postpandemic thinking among refiners who are focusing on raising the share of highvalue intermediaries in their production portfolio as a hedge against disruption in sales of traditional fuels and a decline in their future demand in the emerging lowcarbon energy ecosystem.
IndianOil has a 15 million tonne refinery at Paradip, Odisha.
