Indian Oil Corporation plans to invest about Rs 25,000 crore (Rs 250 billion) for setting up a new 15 million tonnes refinery and petrochemicals complex at Ennore in Tamil Nadu to maintain its position as India's largest refiner.
IOC plans to build the 15 MT refinery at Ennore, mainly catering to the export market, four years after it commissions its east coast Paradip refinery in Orissa, a senior official said.
"The 15 MT Paradip refinery is scheduled for commissioning in 2011 and our Ennore refinery will come up sometime in 2015-16," he said.
The refinery-cum-petrochemicals complex
would be set up in joint venture with Chennai Petroleum Corp Ltd, an IOC arm.
"The equity structure has not yet been decided. We will work on that once we get all necessary approvals," he said.
Besides the refinery, IOC wants to set up a naphtha cracker and aromatics complex at Ennore to utilise the products from the refinery.
Petroleum Minister Murli Deora met Tamil Nadu Chief Minister M Karunanidhi in Chennai on Wednesday to seek 3,500-4,000 acres of land for the refinery-cum-petrochemical complex.
"The chief minister has said he will look into our request," Deora told PTI.
IOC has a total refining capacity of 60 MT, which it plans to increase to 80 MT by 2012 while pushing up revenues to $60 billion.