A Naptha Petrochemical hub at Panipat district
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A Naptha Petrochemical hub at Panipat district
Indias Leading Fortune 500 Company Indian Oil Corporation (IOC) and Haryana State Industrial Development Corporation (HSIDC) have signed a memorandum of understanding (MoU) for setting up a petrochemical hub with an investment of Rs 25,000 crore in Panipat district. The two would jointly build a Special Purpose Vehicle for the purpose and will have equity from IOC, HSIDC and private developers.
The petrochemical hub, to be set up at a cost of Rs 25,000 crore, would generate employment opportunities for 25,000-30,000 persons, IOC chairman and managing director S Behuria said. The plant would be built on a cost-sharing basis between HSIDC, IOC and other ancillary units, he said.
The government would immediately start the process of acquiring about 1,000 acre of land and work on the project would commence after 2009.The naptha petrochemical hub would cater to the requirements of the northern region.
The MoU marks a major milestone of cooperation and progress as envisaged in the MoU signed earlier on June 22, 2004, by IOC and the Haryana government for setting up a mega petrochemical complex at Panipat. The project shall be based on Naptha as feedstock and would comprise associated units and downstream polymer/chemical units such as dedicated high density polyethylene, polypropylene and mono ethylene glycol at an estimated investment of rs 11,000 crore.
The MoU was signed by the IOC director BM Bansal and HSIDC managing director Rajeev Arora in the presence of Behuria and Haryana Chief Minister Bhupinder Singh Hooda.
Posted On : 15 Apr 06
A Naptha Petrochemical hub at Panipat district
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