In an attempt to diversify the petrochemical sector, the Indian Oil Corporation Limited (IOCL) has decided to commission the Rs 61,000 crore worth naphtha cracking unit in Odisha’s port city of Paradip.
Chairman IOCL A.S. Sahney met Chief Minister Mohan Charan Majhi on Tuesday to discuss progress of various ongoing and upcoming projects of IOCL in Odisha, said an official.
During the discussion it was decided that the IOCL and Odisha Government will sign a memorandum of understanding for the Naphtha Cracker Project at Paradip in January.
Naphtha Project in Paradeep has received in principle approval and IOCL will invest over Rs 61,000 crore for the project. It is likely to be one of the largest projects in the sector in the Country. The State Government is an equity holder of this project, and will earn dividends in addition to taxes.
It was also decided that the foundation for the upcoming Yarn project of IOCL at Bhadrak will also be laid in January. Rs 4352 crore will be invested for this project. It was informed that once the project is completed, various large scale garments manufacturing units will come up in the area. Both the projects will create huge employment opportunities for the youth, added the official.
The ongoing Px-PTA (Para-xylene Purified Terephthalic Acid) project will be commissioned by June 2025. Besides, several other ongoing and upcoming projects of IOCL were also discussed. These include a floating solar project and ethanol project in the state, said the official
Industries Minister Sampad Chandra Swain, Chief Secretary Manoj Ahuja, Additional Chief Secretary to CM Nikunja Bihari Dhal, Industries Principal Secretary Hemant Sharma participated in the discussion. IOCL Executive Director Abhijit Chakraborty and Chief General Manager Dhananjaya Sahoo accompanied Chairman IOCL.