Indian Oil Corporation Ltd. and the Haryana State Industrial Development Corporation (HSIDC) have signed a memorandum of understanding (MOU) at Chandigarh for the creation of a petrochemical hub at Panipat.

The project will use naphtha as feedstock and will comprise associated units and downstream polymer/chemical units such as dedicated HDPE (high density polyethylene), polypropylene and MEG (mono ethylene glycol). Further downstream projects such as poly-ethylene terephthalate (PET) are also being considered.

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