OREANDA-NEWS. The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that Indian Oil Corporation Limited(IOCL) is establishing a refinery of 15 MMTPA capacity at Paradip, Odisha, at an estimated cost of Rs.34,162 crore. IOCL has reported that a detailed feasibility study for setting up of a Polypropylene(PP) plant which is a part of proposed petrochemical complex attached to the refinery, has been completed. The PP Plant will produce 700 thousands metric ton per annum. The investment decision for PP plant has been taken by IOCL Board in March, 2014. Total estimated cost of the Polypropylene Project is Rs.3150 crore.

The Company has also plans to set up units (i) Ethylene derivative project (Ethylene Glycol); (ii) Para Xylene & PTA; and (iii) Petcoke gasification based derivative.

The PP plant is planned to be commissioned during 2017-18.