Indian Oil, MCPI sign MoU for establishing Polymerisation and Yarn Unit

Insight Bureau:  Indian Oil Corporation Limited (IOCL), the leading central PSU under Ministry of Petroleum and Natural Gas, Govt. of India and MCPI Private Limited have signed an MoU today for establishing a Continuous Polymerization and Yarn Unit in a joint venture in the presence of Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Skill Development and Entrepreneurship during the Petrochemical Investors Conclave 2017 at Bhubaneswar, Odisha.

Proposed continuous polymerisation with yarn units would utilise Purified Terephthalic Acid (PTA) from existing unit of MCPI at Haldia and Mono Ethylene Glycol from Proposed plant of IOCL at Paradip.

IOCL, one of the leading petrochemical players, has commissioned a state of the art world class refinery with a capacity of 15 MMTPA at Paradip in the State of Odisha and will be commissioning Glycol unit in 2021 with installed
capacity of 356 KTA. MCPI, part of theChatterjee Group (TCG), is operating a 80 KTA PTA plant at Haldia. MCPI employs one of the most advanced PTA technologies across the globe.

Proposed Continuous Polymerisation and Yarn units will usher in the textile revolution in Eastern India by providing necessary raw material for synthetic yarn, fibre and PET bottles which will attract entrepreneurs and investment to
this region and will generate huge employment opportunities. Textile Industries have one of the highest employment to revenue ratios among all industries.

Cooperation between IOCL and MCPI will be a classic example of Public Private Partnership leveraging on the natural synergy in the current business product lines of both of these leading organisations.