Bengal Govt invites IOC to be anchor investor in chemical hub

Kolkata, Sep 6(UNI) The West Bengal Government today decided to invite Indian Oil Company(IOC) to participate as an anchor investor in the proposed chemical hub in Haldia.

The Cabinet Sub-Committee on Industry at its meeting approved the proposal saying that IOC would be given 10,000 acres of land for its operation.

"The Sub-Committee has decided that IOC will be invited to participate in the chemical hub as an anchor investor," Industry Minister Nirupam Sen told reporters after the 50-minute meeting.

He said the Government would sign an agreement with IOC shortly in this regard.

Besides Mr Sen, Chief Minister Buddhadeb Bhattacharjee, Finance Minister Asim Dasgupta and high Government officials were present at the meeting.

Mr Sen said the Government had proposed to give IOC 10,000 acres of land in Haldia for setting up of a second refinery for the downstream industry.

However, IOC Chairman Sarthak Behuria, who was in the city, told newsmen that the proposal, which the company had received from the Government some time back, was still in a conceptual stage and it was unlikely to be discussed in the board before completion of the capacity expansion of its existing refinery and setting up of a Parasylin plant.

"It is in a conceptual stage and we are still in the process of conducting a feasibility study. The proposal requires some more clarity. I cannot commit on the time frame as to when it will come up forc discussion in the board meeting," he said.

"At present we are concentrating on the capacity expansion of our existing refinery to seven million tons from six million tons," he said.

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