• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

For the proposed 10,000 acre Haldia chemical hub

MR SARTHAK BEHURIA, Chairman, IBP (right), and Mr V.C. Agrawal, Managing Director, at the company's annual general meeting in Kolkata on Wednesday. — A . Roy Chowdhury

Kolkata , Sept. 6

The West Bengal Government on Wednesday decided to invite IndianOil as the anchor investor for the proposed 10,000-acre chemical hub in Haldia, which was approved by the State Cabinet sub-committee on industry here.

"We have decided that IOC will be invited to participate in the chemical hub as an anchor investor," the State Commerce and Industry Minister, Mr Nirupam Sen, told newspersons after the meeting.

The State Government will take approximately six months to prepare a master plan for the chemical hub and will enter into a firm agreement with IOC in this regard shortly.

Though the detailed framework of the proposal is not known, according to sources, IOC would be invited to set up a refinery-cum-petrochemicals complex in Haldia to promote the hub as a destination of downstream industries.

IOC already has a refinery in Haldia and is presently pursuing a Rs 5,000-crore programme to enhance the capacity from 6 million tonnes to 7.5 million tonnes and set up a paraxylene plant.

When asked, the IOC Chairman, Mr Sarthak Behuria, told newspersons that though the company had an initial discussion with the State Government in regard to the chemical hub, the proposal was "still in a conceptual stage". Mr Behuria was in the city in connection with the IBP's annual general meeting.

"We are yet to conduct a feasibility study and are far from securing board approval for the proposed project," he said, adding, "We are now focussed on completing the capacity augmentation plan and setting up a paraxylene facility at the existing refinery."

IOC's bio-diesel foray

Mr Behuria said that IndianOil was weighing its entry into commercial production and sale of bio-diesel from jatropha. The company had formed a core group to take a final call on the issue within six months.

IOC would approach the state government for rights to jatropha cultivation if it decides to enter in bio-diesel production on a commercial scale, he said. The company had already conducted a pilot project in this regard.

More Stories on : New Projects | Petrochemicals | Petroleum | West Bengal

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Natco Pharma fixes Rs 150 ceiling for buyback

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line