State-owned Indian Oil Corp (IOC) on Tuesday said its board has approved an investment of Rs 1,268 crore for setting up a needle coker unit at the firm’s Paradip refinery in Odisha.
“The proposed unit will have a Calcined Needle Coke (CNC) production capacity of 56 kilo tonnes per annum. The estimated project cost is Rs 1,268 crore,” IOC said in a statement. With the production of CNC, IOC shall enter this niche product segment for the first time.
CNC is used to produce graphite electrodes for deployment in high temperature (2,800 degrees Centigrade) electric arc furnaces of steel industry.
IOC Chairman S M Vaidya said the proposed unit will enhance refinery margins.