Taiwan firm looks to invest $6.6 bn in Paradip plant

Taiwan's state-owned CPC Corp has proposed to invest $6.6 billion in petrochemical projects in Paradip in Odisha using feedstock from IOC, Oil Minister Dharmendra Pradhan said on Tuesday.

A Taiwanese delegation discussed investment in the petrochemical cracker and downstream units.

"Met with a delegation led by President of Taiwan's state-owned petrochemical company, CPC Corporation. They propose to invest $ 6.6 billion in petrochemical projects in Paradip using feedstock from IOC," Pradhan tweeted. He did not elaborate.

The delegation led by Shun-Chin Lee, President of CPC Corporation "had detailed discussions with the Minister and senior officials of the Ministry and the oil industry on the proposed investment and identified the East Coast of India, and Odisha in particular, for the location of the cracker and downstream units," and Indian Oil Corp (IOC) statement said. During the discussions, IOC's 15-million tonnes per annum Paradip Refinery has emerged as a suitable location for investment in a greenfield cracker and downstream units at an estimated investment of $6.6 billion, it said.

The delegation will be going to Odisha for a site visit to Paradip refinery and Paradip Port and for discussions with IOC and State Government officials.

"The proposed cracker, based on different streams of feedstock, will have several downstream units for production of a diverse spectrum of petrochemical intermediates and end-products," the statement added.