New Delhi, April 8: Indian Oil Corporation Ltd (IndianOil) has signed a Memorandum of Understanding (MoU) with the Odisha government to establish a world-class petrochemical complex at Paradip.
The MoU was exchanged in the presence of Petroleum Minister Hardeep Puri, Union Education Minister Dharmendra Pradhan and Odisha Chief Minister Mohan Charan Majhi in the national capital.
This agreement, with an investment of Rs 61,077 crore, marks IndianOil’s largest-ever investment at a single location, the state-owned company stated in a release on Tuesday.
The new petrochemical complex at Paradip will feature a dual-feed cracker and associated downstream units for producing a broad range of petrochemicals, including phenol, polypropylene (PP), isopropyl alcohol (IPA), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), phenol, and butadiene. IndianOil highlighted that these products will be essential raw materials for industries such as pharmaceuticals, agrochemicals, coatings, and adhesives. The complex is expected to reduce India’s import dependency and further the country’s objectives of self-reliance and the Make in India initiative.
On the occasion, Minister Puri stated, "This state-of-the-art petrochemicals hub will drive the development of the Paradip Petroleum, Chemicals, and Petrochemicals Investment Region (PCPIR) and create both direct and indirect employment opportunities in the region."
Union Minister Dharmendra Pradhan added, "With more than Rs 2.04 lakh crore in petroleum sector investments over the past decade, Odisha is on track to become a global hub for energy transition." He thanked Hardeep Puri, IndianOil, Petronet LNG, and other investors for their significant contributions and ongoing efforts to boost Odisha's industrial landscape. Pradhan expressed confidence that under the leadership of Chief Minister Mohan Majhi, the Odisha government would implement these investments effectively and promptly.
He also emphasized that "Strengthening Odisha’s economy, generating wealth, creating new job opportunities, and fostering a new generation of entrepreneurs in the state" are top priorities. He assured that the leadership of Prime Minister Modi and Chief Minister Majhi would support all investors.
Chief Minister Majhi welcomed the partnership, noting that it would drive Odisha’s industrial growth, create employment, and position the state as a leading investment hub. AS Sahney, Chairman of IndianOil, stated that the new project in Odisha would complement IndianOil’s existing 15 million tonne per annum refinery-cum-petrochemical complex at Paradip and further strengthen downstream industries and MSMEs across eastern India.
