The Hindu Business Line : HSIDC, Indian Oil sign agreement for petro hub

CHANDIGARH: 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 (SPV) for the purpose and it 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 to 30,000 people, Mr Sarthak Behuria, Chairman and Managing Director, IOC, said.

The plant would be built on a cost-sharing basis between HSIDC, IOC and other ancillary units, he said.

IOC Director, Planning and Business Development Mr B M Bansal and HSIDC Managing Director Mr Rajeev Arora signed the MoU. Mr Arora said that 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.

Mr Behuria said that a special cell has been created in IOC for speedy completion of the petrochemical hub, which would be comparable to the Zurang Hub in Singapore. The total investment of the IOC in the project would be around Rs 20,000 crore, which wo uld be the highest in any project. - PTI

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