Paradip: Taiwan’s state-owned firm CPC Corporation proposed to invest USD 6.6 billion (Rs 43,000 crore) in petrochemical project in Odisha’s port town Paradip using feedstock from Indian Oil Corporation (IOC).
A delegation led by Shun-Chin Lee, President of CPC Corporation held a detailed discussion with the senior officials of the Oil Ministry and oil industry on the proposed investment and identified Paradip as the suitable location for setting up the cracker and downstream units.
During the discussions, Indian Oil Corporation’s 15-million metric tonne per annum Paradip Refinery emerged as a suitable location for investment in a greenfield cracker and downstream units at an estimated investment of Rs 43,000 crore. The proposed cracker, based on different streams of feedstock, will have several downstream units for production of a diverse spectrum of petrochemical intermediates and end products, a release said.
The Taiwanese delegation comprising CPC Corporation President Shun-Chin and members from Taiwan Petrochemical Alliance (TPA), visited Paradip Refinery on Wednesday, just a day after they had meeting with the Union Petroleum & Natural Gas Minister Dharmendra Pradhan and IOC Chairman Sanjiv Singh in New Delhi.
The members were accompanied by IDCO CMD Sanjay Kumar Singh and senior officials of IPICOL to the Refinery.