IOC to invest Rs 50,000 cr in various projects by 2011

New Delhi, May 28 (UNI) State-run IndianOil Corporation today said its projects worth Rs 50,000 crore are under implementation and are likely to be completed by 2011.

''We are going to set up a petrochemical hub at Panipat for which 4,000 acres of land have been identified and 1,000 acres is under the process of acquisition,'' IOC Chairman S Behuria told reporters here.

The company is setting up a special purpose vehicle (SPV) with Haryana government for the purpose, he said adding that private entrepreneurs will also be made equity partners in it.

A paraxylene project at Haldia is on the radar and a study has been conducted. ''Overall economics will be established before going in for the project,'' he said.

''The 3,00,000-3,50,000 tonnes per annum capacity project at Haldia will entail an investment of Rs 2,869 crore and is likely to be completed by November-December 2009''.

''We are optimistic of becoming a 60 billion dollar company by 2012,'' Mr Behuria added.

A refinery-sum-petrochemicals complex at Paradip entailing an investment of Rs 25,646 crore is also likely to be commissioned by Octover 2011, he said.

In addition, a Naphtha cracker with downstream polymer units at Panipat will be completed by November 2009 with an investment of Rs 14,439 crore. A resid upgradation project at Gujarat refinery will incur Rs 5,693 crore and will be commissioned by January 2010.

Mr Behuria said Rs 806 crore will be spent on expanding Panipat refinery from 12 to 15 MMPTA by 2008.

UNI