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IOC to invest Rs 25,000 cr for new 15 MT refinery |
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Written by Kaiden_Regal
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Friday, 09 March 2007 |
In order to preserve its place as India’s major refiner, IOC is ready to invest around Rs 25,000 crore for establishing a fresh 15 million tonnes plant and petrochemicals complex at Ennore in Tamil Nadu.
A senior official said IOC has plans to fabricate the 15 MT refinery at Ennore, which primarily supports the export market, four years after it commissions its east coast Paradip refinery in Orissa.
“The 15 MT Paradip refinery is scheduled for commissioning in 2011 and our Ennore refinery will come up sometime in 2015-16,” he added.
The refinery-cum-petrochemicals plant would be established in corporation with Chennai Petroleum Corp Ltd, an IOC arm.
“The equity structure has not yet been decided. We will work on that once we get all necessary approvals,” he said.
In addition to the refinery, IOC desires to frame up a naphtha cracker and aromatics complex at Ennore to make use of the products from the refinery.
Yesterday, Petroleum Minister Murli Deora met Tamil Nadu Chief Minister M Karunanidhi in Chennai to seek out 3,500-4,000 acres of land for the refinery-cum-petrochemical complex.
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