Indian Oil seeks to build $3 billion petchem plant in Iran
The proposed petrochemical plant reportedly will use natural gas as feedstocks while the company is currently waiting for assurance of gas supply before proceeding with the investment. The plant is slated to have a production capacity of 1 million tons/year.
Indian Oil aims to benefit from low-cost ethane and natural gas as feedstock in the manufacturing of petrochemicals. Petrochemicals accounted for 4.4% of the company’s revenues in the year ended March 31, while accounting for around 39% of its operating income in the same period.
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