The polypropylene unit being set up by Indian Oil Corporation Ltd (IOCL) will be commissioned in Odisha's Paradip by June 2018, said an official on Monday.
The polypropylene unit of 700 kilo tonne per annum capacity is being set up at a cost of Rs 3,150 crore. It will be ready by June 2018, said Sujoy Choudhury, Chief General Manager (Petrochemical Marketing) of IOCL.
Out of Rs 3,150 crore, about Rs 2,000 crore has been invested so far and the construction work of over 70 per cent completed.
IOCL, which has already commissioned a 15 million tonne per annum refinery at Paradip at an investment of Rs 35,000 crore, is set to produce BS-VI (Bharat Stage-VI) compliant fuel by 2020 to reduce vehicular pollution.
"Presently, we are operating the refinery at 100 per cent capacity and producing BS-IV compliant fuel," said Paradip Refinery Executive Director G.S. Singh.
He said the refinery is exporting nine to 10 per cent petroleum products to Singapore.
While over 100 companies have expressed their interest to invest in the petrochemical complex, IOCL is organising a first-of-its-kind Petrochemical Investors Conclave in Bhubaneswar on November 16 to promote investment potentials in the region.
"This is our attempt to create investment opportunities in Eastern India. The conclave aims to highlight the emerging investment opportunities in the petrochemical sector in Eastern India and help catalyse investments in the downstream plastic parks and textile parks proposed to be developed in the region," said Pritish Bharat, Chief General Manager, Odisha office.
"About 450 investors are likely to participate in the conclave. Around 90 per cent of investors attending are from the eastern region. We have also invited young entrepreneurs to take part," said Bharat.
The theme of the Conclave is "Purvodaya - The Dawn of Investment Opportunities in Eastern India".
Union Minister for Chemicals and Fertilisers H.N. Ananth Kumar and Union Minister for Petroleum and Natural Gas Dharmendra Pradhan will attend the event.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)