A world-class petrochemical hub, to be developed over 5,000 acres near Panipat, would generate an investment of about Rs 25,000 crore and provide employment opportunities to more than 20,000 persons.
A Memorandum of Understanding (MoU) has been signed between the IndianOil Corporation (IOC) and the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). The MoU is on the creation of special purpose vehicle so as to develop a world-class petrochemical hub in Panipat.
IOC Director Sh. B.M. Bansal (left) and HSIIDC Managing Director Sh. Rajiv Arora exchange documents after signing an MoU to develop Panipat as a petrochemical hub as Haryana Chief Minister Bhupinder Singh Hooda looks on.
IOC is in the process of commissioning its Purified Terephthalic Acid (PTA) plant in Panipat at an estimated cost of Rs 5,100 crore. This project would lay the foundation for creation of a world-class petrochemical hub in the state, which would result in significant industrial activities attracting investments, generating employment and revenue for the state.
And Naphtha cracker project would cost about Rs 11,000 crore. It would consist of naphtha cracker for generating 8 lakh metric tonnes of ethylene per year and 6 lakh metric tonnes of propylene per year. It also envisaged downstream polymer units for production of high-density polyethelene, linear low-density polyethelene, polypropylene and mono-ethylene glycol.
The major source of raw material for this project would be captive naphtha generated from IOC’s refineries in Panipat, Mathura and Gujarat. With this investment, the total investment of the IOC in Panipat complex would reach a huge level of Rs 20,000 crore, the largest investment by the corporation at any single location so far.
This project would attract investment in a number of ancillary units like blow-moulding, injection moulding, film and pipe production and the multiplier impact thereof would generate an overall investment of Rs 25,000 crore to 28,000 crore in the state.
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