Indian Oil Corporation approves India’s first Styrene monomer project
The Indian Oil Corporation (IOC) has planned to invest nearly ₹4,500 crores in order to set up a petrochemical factory in Haryana. This is India’s first-ever styrene monomer project.
Indian Oil’s board has authorised stage-1 approval for the implementation of the project which is expected to have a capacity of 387 thousand metric tonnes per annum at the Indian Oil’s Panipat Refinery and Petrochemical Complex, the company has said in a statement.
Styrene is an industrial chemical that is used to manufacture polystyrene, paints and coatings/acrylic, unsaturated polyester resins and elastomers.
At present, India’s Styrene consumption is approximately 900 thousand metric tonnes per annum and the demand is expected to increase considerably over the next 2 decades. However, there is no domestic Styrene production in India. The domestic demand is met completely through imports from Singapore, Middle East and Southeast Asia.
The project is expected to be commissioned by 2026-27. The Indian Oil Corporation has said that “the availability of Styrene domestically is expected to accelerate the growth of downstream industry and create economic opportunities.”