IOCL’s largest petro complex to be set-up in Odisha
This project, on its completion, will significantly improve the petrochemical intensity index of IOCL. This will be an important step towards making IOCL a major player in the petrochem industry.
Published: 23rd March 2023 11:41 AM | Last Updated: 23rd March 2023 11:41 AM | A+A A-
Indian Oil Corporation logo used for representation.(Photo | File, PTI)
BHUBANESWAR: The Indian Oil Corporation (IOCL) board on Tuesday accorded stage-I approval for setting up of Paradip Petrochemical Complex at the port city in Jagatsingpur district at a cost of Rs 61,077 crore. This project is the largest ever investment of IOCL at a single location.
The complex will include a world scale cracker unit along with downstream process units for producing several petrochemical products including polypropylene, high density polyethylene (HDPE), linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC) along with some very specialised chemicals and petrochemicals including phenol and isopropyl alcohol.
This project, on its completion, will significantly improve the petrochemical intensity index of IOCL. This will be an important step towards making the company a major player in the petrochemical industry and de-risking its fuel business.
“This massive project will strengthen India’s focus to harness opportunities in the petrochemical sector. The petrochemical products produced from this project will cater primarily to the domestic demand and will reduce import dependency; thereby contribute to vision of Atmanirbhar Bharat,” said IOCL.
On commissioning of this project, domestically available petrochemicals are expected to accelerate the growth of downstream industry and create immense employment opportunities in eastern India specially in Odisha. It will also catalyse the growth of PCPIR and plastic park at Paradip, it added.
“We thank Government of Odisha for the incentive package for this project that will produce vital petchem products like PVC, phenol, IPA & polymers. It’ll vitalise key downstream industries like plastic, pharma, agrochemical, personal care, paints etc and support Atmanirbhar Bharat,” IOCL tweeted.
Welcoming IOCL’s decision, Union Minister Dharmendra Pradhan, who took the initiative for the mega project in his tenure as petroleum and natural gas minister, expressed his gratitude to Prime Minister Narendra Modi and his cabinet colleague Hardeep Singh Puri for their commitment towards the development of Odisha and eastern India under the PM’s vision of “Mission Purvodaya”.
