IOC to invest Rs 3000 cr in Haldia refinery

Kolkata, Jun 14: Indian Oil Corporation would invest Rs 3,000 crore for expansion and setting up of new units at its Haldia refinery in West Bengal, Petroleum Minister Murli Deora has said.

''The expansion of the refinery will include setting up of a paraxylene and propylene recovery plant,'' Deora on a transit halt here on way to Shanghai, told reporters here late last evening.

Besides, the Rs 3,000 crore investment, IOC has already lined up investment of another Rs 1,900 crore which was now underway for producing Euro-III compliant fuel, Deora said after a meeting with Chief Minister Buddhadeb Bhattacharjee.

He said IOC is awaiting the Union Shipping Ministry's approval for 210 acres of land for expansion of the refinery. He said the work would be complete within 24 months of getting the land.

Apart from the refinery expansion, IOC's participation in the proposed chemical hub at Haldia also figured in his talks with the Chief Minister, the Union minister said.

The Chief Minister said IOC would be the lead investor in the proposed chemical hub at Haldia.

Meanwhile, IOC's Rs 359 crore motor spirit quality improvement unit in the Haldia refinery has recently started production.

UNI