IndianOil to move ahead with Paradip Petrochemical Complex in Odisha
Indian Oil Corporation Limited (IndianOil) said that its board has sanctioned ‘Stage-I’ approval for establishing the Paradip Petrochemical Complex at Paradip in Odisha with an investment of INR 61,077 crores.
The new petrochemical project in Paradip will be IndianOil’s largest-ever investment at a single location.
The Paradip Petrochemical Complex will comprise an international-scale cracker unit and downstream processing units that will produce a variety of petroleum products such as polypropylene (PP), high-density polyethylene (HDPE), linear-low-density polyethylene (LLDPE), and polyvinyl chloride (PVC) among others.
It will also allow the creation of niche chemicals and petroleum chemicals such as phenol as well as isopropyl alcohol.
The new petrochemical project in Odisha is expected to greatly enhance the Petrochemical Intensity Index of IndianOil. It will be an important growth factor to make IndianOil an important player in the petrochemical sector and bolster India’s self-reliance in the downstream industry.
The Paradip Petrochemical Complex will catalyze the expansion of PCPIR as well as the Plastic Park at Paradip, said the Indian government-owned oil company.
After the commissioning of the Paradip refining project, the domestically-available petrochemicals are anticipated to fuel and boost expansion in important downstream industries such as the plastic industry, agricultural chemicals, pharmacy, personal care, paints, and more.
It is also expected to provide employment opportunities in the eastern region of India and in particular Odisha.
Shrikant Madhav Vaidya — IndianOil Chairman said: “This mega project is aligned with Hon’ble Prime Minister Narendra Modi’s vision of Purvodaya that is sure to accelerate the development trajectory and fuel prosperity in Eastern India.
“This cutting-edge, state-of-the-art petrochemical complex will undoubtedly be transformative in its impact, significantly advancing the Aatmanirbhar Bharat initiative.”
In late 2022, IndianOil signed a joint venture agreement with Chennai Petroleum Corporation (CPCL) for executing the 9MMTPA Nagapattinam refinery project in Tamil Nadu.