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IOCL Plans to Invest Rs 4,500 Cr to Set up Petrochemical Facility

Indian Government-owned Indian Oil Corporation (IOCL) plans to invest Rs 4,500 crore to set up India’s first-ever Styrene monomer project in Haryana.

IOCL’s board has granted approval for implementation of India’s maiden Styrene monomer project stage-1.

This project shall have a capacity of 3,87,000 MTPA, and will be established at IOCL’s refinery & petrochemical complex at Panipat. The project will be commissioned by 2026-27.

Styrene is used to produce Polystyrene, paints and coatings/acrylic, and unsaturated polyester resins. At present the entire domestic demand is met through imports from Singapore, Middle East, and Southeast Asia.