: Fall in crude oil price has plunged the public sector Hindustan Organic Chemicals into serious financial trouble with the price of phenol and acetone declining substantially over the last two months.
Plants idle
Sources said that the HOCL unit here sustained losses in November and December owing to the fall in the price of the company’s key products. The phenol and acetone plants have been idling over the last two months, sources added.
They said that the company has sought a financial assistance of Rs. 330 crore to meet expenditure related to statutory payments and salary arrears for four months.
The problems faced by HOCL have been brought to the notice of the Union Minister for Chemicals and Fertilizers Ananth Kumar through the intervention of Chalakkudy MP Innocent. HOCL’s problems are like to be discussed at a high-level meeting to be convened by the Ministry, sources added.
