The Panipat petrochemical plant has come up over an area of 5,000 acres. It has been developed by theIndian oil corporation limited (IOCL) with an investment of around ` 25,000 crore and generates employment for around 20,000 employees.
The IOCL wanted to increase its revenues and that is the reason that it set up a petrochemical plant in Panipat since studies reveal that the petrochemical industry inIndia is the fastest growing sectors of theIndian economy, growing at the rate of 13% per year.
This plant that has been set up in the Panipat is the largest inIndia with a capacity of 553,000 mtpa. This paraxylene plant has been so designed that it processes 500,000 mtpa of naptha and produces 360,000 mtpa of paraxylene. It also has the capability of producing purified terephthalic acid to the tune of 553,000 mtpa. The Panipat petrochemical plant is the most technologically advanced plant in the country.
With an investment of ` 6,300 crore, a downstream polymer and a naptha cracker unit have been set up in the Panipat petrochemical plant. In June, 2004 an MoU was signed between the government of Haryana and the IOCL. As per this agreement, the Haryana government provided concessions and fiscal incentives for this project. This unit is expected to start production by 2009. This unit is so designed that it will have the capacity to produce per year 800,000 tons of ethylene and 600,000 tons of propylene per year.
The Panipat Petrochemical Plant has given theIndian petrochemical industry and theIndian economy a boost. Efforts must be taken by theIndian petrochemical industry and the government ofIndia so that it continues to grow at a faster pace
Last Updated on 13 December 2011