Indian Oil's Panipat Refinery in Haryana has approved a Rs 3,681 crore plan to build a mega-scale maleic anhydride unit for manufacturing high-volatility speciality chemicals. On Monday IOCL chairman S M Vaidya told the media that the majority of these high-demand chemicals are imported. The upcoming plant will reduce import dependency and save about $150 million in foreign exchange per year, strengthening Atma Nirbhar Bharat's mission. Maleic anhydride (MAH) is a high-value speciality chemical that is used to make polyester resins and surface coating plasticisers, as well as agrochemicals and lubricant additives. Vaidya informed that given the high potential of petrochemicals in India, petrochemicals integration is a cornerstone of future growth strategy. After the expansion plan is implemented, Indian Oil's basket of niche products will be consolidated, and the lube and petrochemical integrity index of the Panipat refinery will increase to more than 15%. From the date of Stage-l investment approval, the proposed unit is expected to be completed in 54 months. The plant will have a capacity of 120 kilo tonnes per annum (kta) of maleic anhydride, according to a statement released by the company on Monday. This plant will also produce tetrahydrofuran (THF), a high-value chemical that will help the pharmaceutical industry grow faster. THF is used in a variety of adhesives and vinyl films. The plant will produce 20 kta of 1,4-butanediol, which is used in polyurethanes, polybutylene terephthalates, engineering grade plastic, and biodegradable fibres. Indian Oil's business interests span the entire hydrocarbon value chain, including refining, pipeline transportation, petroleum product marketing, and crude oil, natural gas, and petrochemical exploration and production. Indian Oil has dabbled in alternative energy and downstream globalisation. Image Source Also read: IOCL to set up hydrogen manufacturing facilities in three states