IOCL To Set Up Its Largest Petro Complex In Odisha

The board of the Indian Oil Corporation (IOCL) on Tuesday granted the stage-I approval for setting up of Paradip Petrochemical Complex at the port city in Jagatsingpur district. The cost of this project is Rs 61,077 crore and it is the largest ever investment of IOCL at a single location.  

According to official information, the complex would include a world scale cracker unit, along with downstream process units for producing several petrochemical products. 

The products would include 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.

The company states that on the completion of the project, the petrochemical intensity index of IOCL products will improve significantly. An official statement from the company said, “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 contributing to the vision of Atmanirbhar Bharat,” said IOCL.

The IOCL official twitter account added, “We thank the 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.” 

The decision was welcomed by the union Dharmendra Pradhan under whose tenure as the Petroleum minister the project was commenced.