Page 21 - Plastics News February 2019

CompAny news

IOCL PP unit unveiled at Paradip Govt to offer special incentives

Port to ONGC, OIL

nion Road Transport and Highways, Shipping Minister he government plan to offer public sector units
UNitin Gadkari would inaugurated a polypropylene (PP) T(PSUs) special incentives for natural gas discoveries
plant at the Paradip IOCL refinery and a multipurpose in difficult and unviable areas will help raise India's
berth to handle clean cargo at the Paradip Port, besides natural gas production as it will unlock output in a dozen
laying foundation stone for a monoethylene glycol (MEG) fields of state-owned ONGC and OIL,. India currently
plant at the Paradip refinery and mechanisation of EQ-1, produces about 90 million standard cubic meters per
2, 3 berths at the Paradip Port. IOCL Paradip Refinery day (mmscmd) of natural gas and has ambitious plans
Executive Director TDVS Gopalkrishna said that Gadkari to double output by 2022 to reduce its reliance on
inaugurated the 680-KTA polypropylene (PP) plant built at imports and replace some of the polluting liquid fuels
an investment of Rs 3,150 crore, which would increase the to cut emissions. Speaking on sidelines of the Petrotech
conference on the outskirts of Delhi, officials said ONGC
and OIL have a dozen discoveries, which are unviable at
current government mandated gas price. These finds,
they said, need a higher price and the government plans
for special incentives for them would help bring them
to production quickly.Oil Minister Dharmendra pradhan
had last month stated "special incentive besides the
incentive already provided" will be given to difficult
fields of ONGC. "We don't know what that incentive will
be, but we presume it will be a higher and remunerative
Indian Oil's petrochemical capacity to 3.15 MMTPA. The price," an official said. State-owned Oil and Natural Gas
Minister would also inaugurate a multipurpose berth, with Corp (ONGC) and Oil India Ltd (OIL) have not been able
capacity of the 5 MMTPA built with an estimated cost of Rs to develop the discoveries or bring them to production as
430.78 crore, to handle clean cargo including containers the current gas price of $3.36 per million British thermal
on BOT basis at the Paradip Port and the dust suppression unit (MMBtu) is way lower than the cost of production.
system at MCHP completed at a cost of Rs 17.50 crore.
The Paradip railway station building and the Atharabanki
RRI built at cost of Rs 15 crore would also be inaugurated
by the Union Minister. Besides, laying foundation stone
for the MEG Plant at an estimated cost of Rs 5,654 crore
and mechanisation of EQ-1, 2, 3 berths with estimated
cost of Rs 1,437.76 crore, Gadkari would also lay stone
for development of a new coal berth for handling of coal
imports at Paradip Port on BOT basis with a capacity of
10MMTPA to be built at a cost of Rs 655.56 crore. He
would also lay stone for connectivity of IOHP to MCHP at
PPT with an estimate cost of Rs 66.47 crore, installation
of container scanner at PPT at an estimate cost of Rs 40 Officials said ONGC has about 35 billion cubic meters of
crore, second exit from Paradip with flyover, which is to recoverable reserves in discoveries in the shallow sea off
be built with an estimate cost of Rs 94 crore and a multi Andhra Pradesh on the east and off Gujarat and Mumbai
modal logistics park at Paradip Port to be developed an on the west coast blocks. The three blocks in Krishna
estimated cost of Rs 200 crore over an area of 100 acre. Godavari basin, Gulf of Kutch and Mumbai offshore can
Gadkari would also conduct a groundbreaking ceremony produce about 10 mmscmd of gas and an equivalent
for the commencement of work on the LPG Import amount can be produced from its onshore discoveries
Terminal at Paradip. in blocks like Bantumili, Mandapeta and Bhuvanagiri.

21 Februar y 2019 Plastics News