en.Wedoany.com Reported - Indian state-owned refiner IndianOil's para-xylene (PX)-purified terephthalic acid (PTA) project at Paradip in Odisha, eastern India, is nearing completion, with a total investment of Rs 138 billion ($1.44 billion). (1 USD = Rs 95.7)

The project, announced in August 2020, aims to strengthen the company's petrochemical value chain at Paradip. Once operational, it will produce 800,000 tonnes per year of PX and 1.2 million tonnes per year of PTA. IndianOil has not provided an updated timeline for commissioning.

PX is the primary feedstock for PTA, which is mainly used to produce polyethylene terephthalate (PET) resin and polyester fiber.

IndianOil also plans to invest approximately Rs 43.82 billion in a joint venture with Indian PTA producer MCPI Private to build the Bhadrak Textile Park project, supporting Odisha's textile industry. Additionally, the company plans to invest Rs 10.6 billion in a joint venture with M11 Energy Transition to build a hydroprocessed esters and fatty acids (HEFA)-based sustainable aviation fuel (SAF) project. IndianOil has not disclosed the capacities or timelines for these two proposed projects.

IndianOil stated that it has so far invested approximately Rs 433.5 billion at Paradip, of which Rs 345.6 billion was for the refinery units, Rs 31.5 billion for the polypropylene (PP) unit, and Rs 56.54 billion for the monoethylene glycol (MEG) unit. According to the ICIS Supply and Demand Database, its Paradip PP unit has a nameplate capacity of 680,000 tonnes per year, and the MEG unit has a capacity of 350,000 tonnes per year.