New Delhi: Indianoil is establishing the first project of India to produce styrene used in making plastic on an investment of Rs 4,495 Crore, a step that will save Imports of Rs 3,650 Crore every year.
The company’s board on Wednesday approved a project with a capacity of nearly four lakh tons per year.
This will be built in the Panipat refinery complex in Haryana and finished in 2026-27.
The consumption of Indian styrene stands around nine lakh tons per year, which is fulfilled through imports from Singapore, West Asia and Southeast Asia.
Demand is expected to increase consistently for the next 15-20 years.
The Styrene project will utilize feedback from the unit added to the refinery under the expansion plan.
The IOC board in February approved the planned Crore RS 32,946 to expand the capacity of the Panipat refinery from 15 million tons per year (MTPA) to 25 MTPA.
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