State-run Indian Oil Corp. (IOC) plans to invest about Rs25,000 crore for setting up a new 15 million tonnes (mt) refinery and petrochemicals complex at Ennore in Tamil Nadu to maintain its position as India’s largest refiner. The refinery will cater mainly to the export market, four years after it commissions its Paradip refinery in Orissa, an IOC official said. “The 15 mt Paradip refinery is scheduled for commissioning in 2011, and our Ennore refinery will come up sometime in 2015-16,” he said.
The complex would be set up in joint venture with Chennai Petroleum Corp. Ltd, an IOC arm. “The equity structure has not yet been decided. We will work on that once we get all necessary approvals,” the official said. Besides the refinery, IOC wants to set up a naphtha cracker and aromatics complex at Ennore to utilise the products from the refinery. Union petroleum minister Murli Deora met Tamil Nadu chief minister M. Karunanidhi in Chennai on Wednesday to seek 3,500-4,000 acres of land for the complex. “The chief minister has said he will look into our request,” Deora told PTI.