IOC plans to invest Rs 4,500 crore in petrochemical facility in Haryana

Indian Oil plans to invest Rs 4,500 crore to set up a petrochemical facility in Haryana, the company said in a statement.

Indian Oil’s board has given "stage - 1" approval for implementation of India's maiden styrene monomer project with a capacity of 387,000 metric tonnes per annum at the company’s refinery & petrochemical complex at Panipat, according to the statement.

The project would be commissioned by 2026-27. “Availability of styrene domestically is expected to accelerate the growth of downstream industry and create employment opportunities,” the company said.


Styrene is used to produce polystyrene, paints & coatings/acrylic, and unsaturated polyester resins. Presently India's Styrene consumption is around 900,000 metric tonnes per annum, and the demand is expected to increase consistently over the next 15-20 years, the company said. However, the entire domestic demand is currently met through imports from Singapore, Middle East, and Southeast Asia.