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IOC to invest Rs 7000cr in naphtha unit

Mumbai, Sept. 29: Indian Oil Corporation Ltd (IOC) is planning to augment its presence in the countryís petrochemical business by setting up a naphtha cracker at an investment of Rs 7,000 crore.

Chairman M. S. Ramachandran announced this at the companyís annual general meeting here today. IOC is on course to implement a Paraxylene/purified Terephthalic acid (PTA) project at its Panipat refinery and a Rs 3,000 crore linear Alkyl Benzene project at Gujarat.

In a bid to spruce up IOCís market share, the oil major has lined up new initiatives for its customers, Ramachandran said.

Apart from this, the corporation is laying special emphasis on rural marketing and a comprehensive blueprint is already under preparation.

In the international arena, IOC is scouting for opportunities in Bangladesh, Sri Lanka and Indonesia.

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