Taiwan's CPC plans $6.6 B investment in Paradip petrochemical plant

NEW DELHI (Reuters) - Taiwan’s state-owned CPC Corp has proposed to invest $6.6 billion in a petrochemical project in Paradip, a seaport town in Odisha, the country’s oil minister said.

The planned petrochemical project will use the feedstock produced at Indian Oil Corp’s refinery in Paradip, the minister tweeted after a meeting with a delegation led by CPC.

IOC, the country’s top refiner, operates a 300,000 barrels per day refinery at Paradip.

IOC chairman had said last year at a shareholder meeting that the company would invest 320 billion rupees ($4.67 billion) over the next few years to augment its petrochemical capacity.

($1 = 68.5400 Indian rupees)

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