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IOC Draws INR 4,495 Crore Plan for India’s First Styrene Plan

IndianOil is setting up India’s first project for producing styrene used in making plastics at an investment of Rs 4,495 crore, a move that will save Rs 3,650 crore worth of imports annually.

By Kautilya / July 5, 2021

NEW DELHI: IndianOil is setting up India’s first project for producing styrene used in making plastics at an investment of Rs 4,495 crore, a move that will save Rs 3,650 crore worth of imports annually.

The company board on Wednesday approved the project with a capacity of nearly four lakh tonnes per annum. It will be built at the Panipat refinery complex in Haryana and completed by 2026-27.

India’s styrene consumption stands at about nine lakh tonnes per annum, which is met through imports from Singapore, West Asia and South-East Asia. Demand is expected to increase consistently over the next 15-20 years.

The styrene project will utilise feed from the units added to the refinery under an expansion plan. The IOC board had in February approved a Rs 32,946 crore plan to expand the Panipat refinery capacity from 15 million tonne per annum (mtpa) to 25 mtpa.

Source: ToI

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