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IOCL’s Board Accords Stage-I Approval for setting up India’s First Styrene Project

The petroleum refining company Indian Oil Corporation Board accorded 'Stage-I approval for the setting up of India's first-ever "Styrene Monomer Project' with a capacity of 387 thousand metric tonnes per annum (TMTPA) at an estimated cost of Rs. 44.95 billion, at IndianOil's Panipat Refinery & Petrochemical Complex in Haryana. The Project would be commissioned by 2026-27.

 

Styrene is used for the production of Poly Styrene, Paints & Coatings / Acrylic, Unsaturated Polyester Resins, Elastomers such as Acrylonitrile Butadiene Styrene (ABS), Styrene-Butadiene Rubber (SBR), etc.

 

Presently India's Styrene consumption is around 900 TMTPA and the demand is expected to increase consistently over the next 15-20 years. The proposed Styrene Project will address this issue to a larger extent and it will also reduce import dependency of the country substantially, resulting in considerable forex savings of about Rs. 36.50 billion (USD 500 million) per annum.

 

There is no domestic Styrene capacity in India and the entire demand is met through imports from Singapore, Middle East and Southeast Asia causing a lot of inconvenience to the domestic Styrene downstream industry. Availability of Styrene domestically is expected to accelerate the growth of downstream Industry leading to expansion of the industry as well as create employment opportunities.

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