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CPC Corp unable to find land to set up Rs 45,300 crore petrochemicals project in Paradip

August 28/2019

MOSCOW (MRC) -- Taiwanese investor CPC Corporation isn't finding land for setting up its Rs 45,300 crore petrochemicals project in Paradip eight months after Odisha wooed the company at a much-publicised investor summit, as reported by Plastemart with reference to Business Standard.

A delegation drawn from the Taiwan Petrochemical Alliance led by Lee Shun-Chin, president of CPC Corporation, had surveyed the proposed site of the petrochemicals project at Paradip in August 2018. The corporation's officials also held talks with the authorities of the Paradip Port Trust (PPT). Before visiting the site, the delegation had negotiations with Dharmendra Pradhan, minister for petroleum and natural gas. The successful operations of the projects proposed by CPC Corporation were contingent on a consistent supply of feedstock by Indian Oil Corporation's (IOC) refinery unit at Paradip.

Later, CPC followed up with an investment intent at the second edition of Make in Odisha conclave held in November 2018. CPC was the second biggest investor at the biennial conclave after West Bengal-based Haldia Petrochemicals which pledged Rs 70,000 crore. But nearly eight months into the showpiece investment summit, CPC's planned project is in disarray. Land, the key component for installing the petrochemicals plant is unavailable, at Paradip.

"There is hardly any land available for CPC or other prospective investors in and around Paradip. Land acquired for the mega Posco project is to be transferred to JSW Steel. Besides, IOC has come up with a fresh proposal, seeking a land parcel of 4000 acres of land adjacent to its crude oil refinery at Paradip", said a government official in the know. Another source familiar with the development said, "CPC has not evinced interest since their initial interest. We are ready to provide them land at an alternative location if they are still keen on investment".

As MRC informed earlier, CPC Corporation's all crackers in Linyuan have a combined capacity of 1.08 million mt/year of ethylene as well as 500,000 mt/year of propylene.

CPC Corporation, Taiwan, is engaged in the exploration, production, refining, procurement, transportation, storage, and marketing of oil and gas. The company provides fuel oil, including automotive unleaded gasoline and diesel fuel, low-sulfur fuel oil, marine distillate fuels, marine residual fuels, and aviation fuel; petrochemicals, such as ethylene, propylene, butadiene, benzene, para-xylene, and ortho-xylene; liquefied petroleum gas products comprising liquefied petroleum gas, propane, butane, and a propane/butane mixture; lubricants, motor oil, industrial oil, grease, and marilube oil; SNC products, including petroleum ether, naphtha, toluene, xylene, crude octene, methyl alcohol, normal paraffin, viscosity-graded asphalt cement, and sulfur; and natural gas.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, CPC, Haldia Petrochemicals, India, Taiwan.
Category:General News
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