Indian Oil Corp to invest Rs 170 billion in Odisha petrochem projects

IOCL plans to set up PTA and MEG plants within its Paradip refinery complex. The PTA and MEG will then be converted into polyester yarn and staple fibre at a facility at the proposed textile park

The Indian Oil Corporation Ltd (IOCL) will invest about Rs 170 billion in three petrochemical projects in Odisha to produce polyester fibre to be used as feedstock in a textile park in the state.

The IOCL plans to set up PTA (Purified Terephthalic Acid) and MEG (Monoethylene Glycol) plants within its refinery complex at Paradip, Union minister for Petroleum and Natural Gas and Skill Development Dharmendra Pradhan said at an investors' conclave in Surat.

The work on the PTA and MEG plants will start this financial year and is expected to be commissioned in three years' time.
 

While the PTA