Taiwanese CPC co to invest USD 6.6 bn in India
New Delhi : CPC Corporation, a Taiwan based company has decided to invest USD 6.6 billion in petrochemical projects in Paradip in Odisha using feedstock from IOC, Oil Minister Dharmendra Pradhan said.
The 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.
Led by Shun-Chin Lee, President of CPC Corporation, the delegation "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 meeting, IOC's 15-million tonnes per annum Paradip Refinery has come out as a suitable location for investment in a greenfield cracker and downstream units at an estimated investment of USD 6.6 billion, it said.
For now, sources confirmed that the delegation will be going to Odisha to view the Paradip refinery and Paradip Port and for further 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.
