Indian Oil Corporation (IOC), is conducting feasibility studies to set up a petrochemical complex at Paradip in Odisha for Rs 20,000 crore. The petrochemical complex would be built in the vicinity of the company’s to-be-commissioned 15-mln tpa greenfield refinery at Paradip, which is likley to be ready in FY-16, as per financialexpress.com. The petrochemical complex would be in addition to the already announced Rs 3,150-crore polypropylene project at the same location, the foundation stone for which was laid by MOS for petroleum and natural gas.
The state’s nodal agency for land acquisition and infrastructure development, Odisha Industrial Infrastructure Development Corporation (Idco) has sought approval from the state government to execute a memorandum of understanding (MoU) with IOCL.The pact’s objective is to chalk out a roadmap for development of a petrochemical complex at Paradip. The petrochemical complex, to be set up by IOCL, is a part of the PCPIR (petroleum, chemicals and petrochemicals investment region) hub.