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Indian Oil Corp to develop Plastic Park in Paradip, India

March 15/2021

MOSCOW (MRC) -- Indian Oil Corporation Limited (IOCL) entered into a Memorandum of Understanding (MOU) with Odisha Industrial Infrastructure Development Corporation (IDCO) to develop Paradip Plastic Park, according to Kemicalinfo.

Under the MoU, to attract investments in downstream polymer industries at Paradip Plastic Park, IOCL announced a Special Strategic Incentives scheme.

An incentive of Rs 2000/MT (USD27.48/MT) on Polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till March 31, 2030.
 
As per the MoU, it is estimated that around 26 units will come up at the plastic Park with an estimated investment of Rs 5 billion (USD68.7 million) and is likely to generate direct and indirect employment of 6,000.

Minister of Petroleum & Natural Gas and Steel, Dharmendra Pradhan said, Keeping the enterprise and employment generation potential of the plastic sector in mind, Government of India has initiated the cluster development of the Industry through its Plastic Park scheme. Currently, six such parks have been approved by the Government of India, with Paradip Plastic Park being one of them, adding that Odisha would become the nerve centre of industrialisation through rapid development in petrochemical, chemical, polymer, textile and fibre sectors.
 
With a project cost of Rs 1.07 billion (USD14.7 million), the park is spread over 120 acre of land and it is close to a national highway, a railway station and a port.

This project falls under the larger Petroleum Chemicals and Petrochemicals Investment Region (PCPIR) at Paradip, a release issued by the Chief Ministers Office said.

Being the Anchor Tenant in PCPIR with its Refinery & Petrochemical Complex, IOCL has now joined hands with IDCO for development of this project with 49% share, it said.

As MRC informed before, Indian Oil has just announced plans to expand the capacity of its refinery at Panipat, India, from 15 million metric tons/year (MMt/y), to 25 MMt/y. The company will also build a polypropylene (PP) unit and a catalytic dewaxing unit at the site. The cost of the project is 329.46 billion Indian rupees (USD4.45 billion). The plan is the latest in a series of projects approved by Indian Oil to improve integration with petrochemicals at the company's refinery sites. The capacity of the planned PP facility has not been disclosed.

According to MRC's ScanPlast report, Russia's estimated polyethylene (PE) consumption totalled 241,030 tonnes in January 2021 versus 217,890 tonnes a year earlier. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, PP shipments to the Russian market reached 141,870 tonnes in January 2021 versus 123,520 tonnes a year earlier. Supply of homopolymer PP and PP block copolymers increased.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP block copolymer, homopolymer PP, LDPE, HDPE, petrochemistry, fibers/filaments, Indian Oil Corp, India, Russia.
Category:General News
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