TCG plans $10 billion oil-to-chemicals project in Tamil Nadu

TCG's investment plans comes amid strong growth for chemicals in India to drive a 7% growth, but also at a time of oversupply in the global petrochemicals business

Kolkata-based Haldia Petrochemicals (HPL), a producer of polymers and chemicals, is making a $10 billion bet on an oil-to-chemicals (O2C) project in Tamil Nadu. The project will convert crude oil directly into chemicals to meet the growing demand for polymers in the country, chief executive officer (CEO) Navanit Narayan said. On completion, the project will have a capacity to make 3.5 million tonnes of ethylene and propylene, used in shopping bags, car parts and water pipes, among others.

HPL’s huge investment comes amid a strong demand for chemicals in India. It is also due to oversupply in the global petrochemicals