The Cabinet Committee on Economic Affairs (CCEA) has giving the green signal to the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) project in Orissa near Paradip. Orissa has become the fourth state after Andhra Pradesh, Gujarat and West Bengal to have the Centre's nod for the PCPIR. The PCPIR project is to be set up on 284.15 sq km (70,214 acres) of land spread over Jagatsnghpur and Kendrapara districts, and is expected to attract investments to the tune of Rs 2.74 lakh crore.
Phase-I work of the project is expected to be completed by 2015 while the entire project is scheduled for commissioning by 2030. Indian Oil Corporation Ltd, the anchor tenant of the PCPIR, will set up a 15 mln tpa grassroot refinery cum petrochemical complex 5 km south of Paradip, scheduled for commissioning by March 2012.