Indian Oil approves Rs 42 bn ethylene glycol project in Paradip

Indian Oil approves Rs 42 bn ethylene glycol project in Paradip

6:22 AM, 30th April 2018
Indian Oil approves Rs 42 bn ethylene glycol project in Paradip
India Oil logo at an outlet in India. (File photo)

NEW DELHI, INDIA: Indian Oil Corporation Limited (IOC) said that its board has approved a Rs 4,221 crore project to set up a petrochemical project at Paradip in Odisha.

The board, "accorded approval for implementation of 357-kilotons per annum ethylene glycol Project along with associated facilities at Paradip based on off-gas of the fluid catalytic cracking unit at an estimated cost of Rs 4,221 crore," the company said in a regulatory filing.

IOC would use by-products generated from refining crude oil at its 15 million tonnes a year refinery at Paradip to manufacture ethylene glycol.

In the plastics industry, ethylene glycol is an important precursor to polyester fibres and resins. polyethylene terephthalate, used to make plastic bottles for soft drinks, is prepared from ethylene glycol.

IOC said the major application of ethylene glycol is in the manufacture of polyester fibre, bottle grade chips and polyester grade chips. "The project would help in meeting the growing domestic demand of ethylene glycol in the country," it said.

© Press Trust of India 



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