Petronet LNG to set up ₹20,685 crore petchem plant in Dahej
₹20,685 crore. The project has got the required statutory clearances and will be ready in the next four years, CEO and MD of the company Akshay Kumar Singh said addressing the media.
According to a regulatory filing, “the project would bring revenue generation from sale of Poly-Propylene, Propylene, Propane, Hydrogen and Ethane. The project would also get benefited from utilising ‘ColdEnergy’ of PLL’s existing Dahej LNG terminal making this project energy-efficient." The state-owned company plans to develop 25 hectares of green belt area in the region.
The plant is expected to enhance the self-efficiency of the country in the field of petrochemicals, the filing said, adding that it would also facilitate a socio-economic uplift in the region through its huge planned investment and by creating a significant opportunity for direct and indirect employment. The board also approved the execution of binding term sheet between Petronet LNG Limited (PLL) and Deepak Phenolics Limited (DPL) for offtake of 250 KTPA (kilo-tonne per annum) of Propylene and 11 KTPA of hydrogen from Petronet Petrochemical Project at Dahej, Gujarat for a period of 15 years from the date of first supply of propylene and hydrogen by PLL to DPL.
The diversification towards petrochemicals comes at a time when the government is looking at making the country a petchem hub and several other state-run companies including ONGC are looking at strengthening their foothold in this space. The company on Monday reported an 8.9% growth in its consolidated net profit for the quarter ended September at ₹855.74 crore, against ₹785.73 crore in the same quarter of last fiscal.
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