Financial Daily from THE HINDU group of publications
Wednesday, Mar 08, 2006
Financial Daily from THE HINDU group of publications Wednesday, Mar 08, 2006 |
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Corporate
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New Projects IOC to seek board nod for Paradip refinery project Pratim Ranjan Bose
Kolkata , March 7 Indian Oil Corporation is planning to seek board approval for the 15-million-tonne Paradip refinery-cum-petrochemicals project this month. This is despite some doubts expressed by the project evaluation committee (PEC) on the project's configuration and its long-term economic viability. "This is a very big project and calls for proper evaluation before we go for commissioning. We will discuss issues with PEC on the project proposal once again sometime this week," a company official said describing the reasons behind the time overrun. The proposal has already been discussed a few times by the PEC since January this year. The delay in securing PEC approval and the resulting delay in seeking board approval has already had an adverse impact on IOC's plans to award PMC and EPC contracts within this year. "We are now trying our best to seek board approval for Paradip refinery project in March," the official said. While details of the latest proposal are not available, some reports say that IOC has once again revived its original proposal to set up a port-based export oriented integrated refinery-cum-petrochemicals complex at an estimated cost of Rs 28,000 crore. This is a major shift from the company's previous stand of setting up a refinery in the first phase with provisions for setting up a naphtha-cracker in the second.
More Stories on : New Projects | Petroleum
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