Indian Oil Corp (IOC) is looking forward to investing Rs 7,650 crore to set up a petrochemical complex at its Paradip refinery project in Orissa.

As part of this, the board of directors will soon consider the proposal of setting up a 7,00,000 tpa polypropylene plant at an estimated cost of Rs 3,150 crore. The plant is to be built by 2017-18.

IOC is also considering setting up an ethyelene derivatives complex to manufacture 4,00,000 tpa of mono-ethyelene glycols (MEG) or 6,00,000 tonne of polyvinyl chloride (PVC). A feasibility study of the project, which entails an investment of Rs 4,500 crore, is in progress and is expected to be completed shortly.

Besides polypropyelene and ethylene derivatives, Paradip refinery will also produce 2,00,000 tpa of sulphur and 1.25 million tonne of petcoke, which can used for manufacturing downstream products.

IOC intends to utilise propylene from cracked LPG, and ethylene from refinery offgas, to produce plastic.

The 15 million tpa Paradip refinery project is estimated to cost Rs 30,000 crore and is expected to be completed in the next quarter.