NEW DELHI: IndianOil is setting up India’s first project for producing styrene used in making plastics at an investment of Rs 4,495 crore, a move that will save Rs 3,650 crore worth of imports annually.
The company board on Wednesday approved the project with a capacity of nearly four lakh tonnes per annum. It will be built at the Panipat refinery complex in Haryana and completed by 2026-27.
India’s styrene consumption stands at about nine lakh tonnes per annum, which is met through imports from Singapore, West Asia and South-East Asia. Demand is expected to increase consistently over the next 15-20 years.
The styrene project will utilise feed from the units added to the refinery under an expansion plan. The IOC board had in February approved a Rs 32,946 crore plan to expand the Panipat refinery capacity from 15 million tonne per annum (mtpa) to 25 mtpa.
The company board on Wednesday approved the project with a capacity of nearly four lakh tonnes per annum. It will be built at the Panipat refinery complex in Haryana and completed by 2026-27.
India’s styrene consumption stands at about nine lakh tonnes per annum, which is met through imports from Singapore, West Asia and South-East Asia. Demand is expected to increase consistently over the next 15-20 years.
The styrene project will utilise feed from the units added to the refinery under an expansion plan. The IOC board had in February approved a Rs 32,946 crore plan to expand the Panipat refinery capacity from 15 million tonne per annum (mtpa) to 25 mtpa.