Taiwan's CPC plans $6.6 billion investment in Paradip petchem plant

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 on Tuesday.

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 shareholder meeting that the company would invest 320 billion rupees ($4.67 billion) over the next few years to augment its petrochemical capacity.