IOC officially entered the field of petrochemicals in 2004 and its flagship event was the formal production of a 12 million tonne/year linear alkylbenzene (LBA) plant in Baroda, India. In addition, the company’s refinery complex in Panipat, India, will have a 360,000 tpa/year paraxylene plant and a 530,000 tpa PTA plant.
Investment projects such as LAB, paraxylene, and PTA are part of the IOC's plan to invest 2.5 billion U.S. dollars in the petrochemical sector from 2002 to 2007, and its investment in the petrochemical sector accounted for 45% of the company's total investment during that period.
In addition, IOC has considered expanding the investment plan in the petrochemical field to 2012, making the petrochemical business an independent strategic business unit that IOC will fully develop in the future.
The expanded investment plan includes the construction of a new 800,000-tonne ethylene naphtha cracker in the Panipat oil refining complex, which is scheduled to be completed and put into production in 2008. The IOC's investment plan also includes a new integrated refinery and petrochemicals project in India, including polypropylene (PP) and styrene production facilities.
Indian oil company enters petrochemical field
According to the United States "Chemical Weekly" news, Indian Oil Company (IOC) said that it is considering a new set of 150,000 tons / year polypropylene (PP) device in India. Although the IOC did not disclose the specific details of the plan, it pointed out that this will be the first PP unit in South India, and it will also be part of the IOC's massive expansion into the petrochemical sector in the next five years.