Indian state-controlled refiner IOC will invest 138bn rupees ($1.84bn) to build paraxylene (PX) and purified terephthalic acid (PTA) plants in the eastern state of Odisha, as part of efforts to expand its polyester business in the country.
The new plants will be integrated with IOC’s 300,000 b/d Paradip refinery in Odisha. The PX plant will have a capacity of 800,000 t/yr, while the PTA plant will have 1.2mn t/yr of capacity. IOC is targeting to bring these projects on line by early 2024.
The refiner has been expanding its share of the polyester market. It acquired a 75-acre (0.3km²) site in Bhadrak, Odisha, early last year to build a 300,000 t/yr polyester yarn and fibre plant, with a total investment cost of Rs19.7bn ($262mn). It is unclear when the plant will be launched. IOC has another 357,000 t/yr ethylene glycol (MEG) plant under construction in Paradip, which is planned for start-up by the end of 2021.
PTA and MEG are the two main polyester feedstocks. IOC currently operates a 360,000 t/yr PX plant, a 720,000 t/yr PTA unit and a 330,000 t/yr MEG facility in Panipat in north India’s Haryana state.
