Indian Oil Corporation (IOC) is keen to develop its existing refinery in West Bengal Haldia into petrochemicals complex for sustaining operations profitably.
Running a standalone refinery is “not sustainable in terms of profitability” for which it has to be supplemented by a petrochemicals complex.
IOC has sought land from Haldia Fertiliser Corporation (HFC), whose factory is lying defunct, for developing the petrochemicals complex.
The capacity of a petrochemical project depends on the quantity of feedstock, which is naphtha, coming from the refinery.
The land is also required for safety purposes as the refinery complex at Haldia has become congested.
It is noted that the Paradip refinery of IOC complex is built on 5,000 acres, while the Haldia unit is located on 640 acres.
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