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Mumbai , Sept. 30

INDIAN Oil Corporation Ltd has planned investments worth Rs 15,000 crore in petrochemical projects, Mr M S Ramachandran, Chairman and Managing Director, has said. Of this, Rs 8,000 crore will be spent over the next two years.

IOC will be setting up a PX/PTA plant at its Panipat refinery by 2005 at a spend of Rs 5,000 crore while the Rs 3,000-crore worth linear alkyl benzene plant in Gujarat will be completed next year, he said here.

It also plans to invest Rs 7,000 crore in a naphtha cracker for which feasibility studies are being carried out. "After fertiliser units such as Duncan and Sindri, closed down recently, we have seen naphtha sales fall considerably. Sales volumes have dipped as financial state of some of our customers has affected realisation," he said.

It is planned to use the naphtha as feedstock for the cracker, which may be set up in Gujarat.

New 1,000-MW plant in AP

INDIAN Oil Corporation plans to set up a 1,000-MW power plant at Kakinada along with its proposed 2.5-million-tonne LNG facility.

Mr M.S. Ramachandran, CMD, IOC, said here that the plant would offer power at Rs 2.50 per unit. " The State Government should pick up 500 MW out of this capacity," he said.

IOC was awaiting a go-ahead from the Andhra Pradesh Government to begin work on the planned LNG project along with partners Petronas International Corporation Ltd. (Malaysia), Kakinada Seaports Ltd and BP Global Investments Ltd. (UK).

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