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Our Bureau

Kolkata , Aug. 31

INDIAN Oil Corporation Ltd is firming up plans to augment the capacity of its petrochemicals refinery project at Paradip and even embark upon the manufacture of value-added petrochemical products there, according to Mr M.S. Ramachandran, Chairman of IOC.

Speaking to newspersons at the conclusion of IBP Co's 96th annual general meeting here on Tuesday, Mr Ramachandran said to ensure appropriate economies of scale, the refinery would have a minimum production capacity of 12 million tonnes a year. As per existing plans, the Paradip refinery was supposed to have a capacity of nine million tonnes a year.

Mr Ramachandran said once the proposal is vetted by IOC's Investment Review Committee, it would be placed before the oil major's board by October-November.

While declining to state the investment required to implement the proposal, he said that for each million tonne of refining capacity, an investment of Rs 1,000 crore would be required.

He said IOC was still interested in participating in the Haldia Petrochemicals Project, "but the present promoters have to get back to us."

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