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IOC inks Haldia petrochemical hub deal

Kolkata, Sep 27 (IANS) Indian Oil Corporation (IOC) Wednesday signed an agreement with the West Bengal government for setting up a mega chemical hub in the port town of Haldia near here.

Wednesday, September 27, 2006 | 11:15:50 PM IST (+05:30 GMT)
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Kolkata, Sep 27 (IANS) Indian Oil Corporation (IOC) Wednesday signed an agreement with the West Bengal government for setting up a mega chemical hub in the port town of Haldia near here.

West Bengal Chief Minister Buddhadeb Bhattacharya was present on the signing ceremony along with IOC chairman Sarthak Behuria at state secretariat Writers' Buildings.

IOC would be the anchor investor in the hub while Indonesia-based Salim Group would be the anchor developer of the project to be named after renowned scientist Acharya Prafulla Chandra Roy.

The pact put an official seal on IOC's status as the anchor-investor in the 10,000-acre hub though the exact investment quantum was not immediately known. The state government has already written to the central government seeking clearance.

The oil company plans to increase the capacity of its 6-million tonne refinery and acquire an adjoining 80-acre plot owned by the ailing Hindustan Fertiliser Corporation. It has also commissioned a study for a paraxylene unit.

The biggest of them all will be a new 15-million tonne refinery that Indian Oil plans in the port town.

The West Bengal Industrial Development Corporation (WBIDC) has set up Acharya Prafulla Chandra Ray Chemicals, a joint venture with the Salim Group. It will develop infrastructure at Haldia's planned multi-product SEZ and chemical hub.

Copyright : Indo-Asian News Service
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