OdishaPlus Bureau
Indian Oil Corporation (IOCL) is all set to invest Rs 13,805 crore to set up a plant in Odisha’s Paradip. The plant aims to manufacture raw materials for the textile sector and is expected to be completed by 2024.
The paraxylene (PX) and purified terephthalic acid (PTA) plant will be integrated with the IOCL’s refinery facility in the port town of Jagatsinghpur. Over the three-year plant construction period the project will generate approximately five million man-days of employment.
As per official statements, the petrochemicals complex will have a PX production capacity of 800,000 tonne per annum, which would be the feedstock for the manufacturing of PTA. The capacity of PTA production would be 1,200,000 tonne per annum.
IOCL Chairman SM Vaidya said this plant along with the upcoming mono-ethylene glycol facility of 357-kilo tonne per annum capacity in Paradip would be a ready source of feedstock for Indian Oil’s upcoming 300-KTA textile yarn manufacturing project at Bhadrak in Odisha. IndianOil’s MEG production facility is already under implementation and will become operational by the end of 2021.