Odisha to clear IOCL’s Rs 1 lakh crore investment

BHUBANESWAR: Indian Oil Corporation Limited (IOCLNSE -1.11 %) will invest Rs 1,00,300 crore in expanding its Paradip refinery capacity from 15 million tonnes per annum (mtpa) to 25 mtpa and setting up a naphtha cracker unit.

A high-level committee, under Chief Minister Naveen Patnaik will be clearing IOCL’s expansion proposal on Monday. IOCL will add 10mt capacity to its Paradip refinery, and build a dual feed cracker unit of 3-4 mtpa capacity, which will be fed largely (80-90 per cent by Naphtha and 10-20 per cent Ethane), it will also be setting up a 1.3 mtpa petcoke gasification plant.