Centre seeks status report on Odisha PCPIR project

05-Jun-13

The Centre has sought information from the Odisha government on status of implementation of PCPIR (petroleum, chemicals and petrochemicals investment region) hub to be developed at Paradeep, as per Business Standard. The parliamentary standing committee on chemicals and fertilizers is likely to review implementation of different PCPIRs soon. As the anchor tenant, IOCL had committed to set up a 15 mln ton refinery and petrochemicals complex at Paradeep at an estimated cost of Rs 55,000 crore. But the oil marketing major is understood to have put the petrochemicals complex on the back burner, seemingly jeopardizing investments to the PCPIR region. The implementation of PCPIR in the state is on the slow lane. Indian Oil Corporation Ltd (IOCL), the anchor tenant for the project is yet to sign a memorandum of understanding (MoU) with the state government. The signing of the pact between IOCL and the state government is key to attracting investments from petrochemicals sectors. Earlier, the Union ministry of chemicals & fertilizers had urged the state government to go for an MoU after the state raised concern over final commitment of the anchor tenant. More recently, senior Biju Janata Dal (BJD) leader and the party's Lok Sabha MP from Kendrapara had sought the intervention of Veerapa Moily, Union minister for petroleum and natural gas, pointing out delay in development of the PCPIR hub.