A delay in establishment of a petrochemical complex by Indian Oil Corp has impeded progress of the Odisha PCPIR (Petroleum, Chemicals And Petrochemicals Investment Region). The state government has voiced its discontent over the lack of commitment by IOC towards the downstream petrochemical complex planned at Paradeep, the site of its soon to be commissioned 15 mln ton refinery project. The IOCL refinery will produce 5.97 mln ton of diesel, 3.4 mln ton of petrol, 1.45 mln ton of kerosene/ATF (Aviation Turbine Fuel), 536,000 ton of LPG, 124,000 ton of naphtha and 335,000 ton of sulphur, all of which will be for sale in the domestic market. IOCL is the anchor tenant for the PCPIR hub to be set up on 70,214 acres of land straddling Jagatsinghpur and Kendrapara districts.
IOCL had signed a memorandum of understanding (MoU) with the state government in February 2004, to set up a 15 mln ton refinery along with a petrochemical complex at Paradeep envisaging a total investment of Rs 55,000 crore. Though progress has been made on the refinery project, the petrochemical complex has been held up, supposedly due to financial constraints. The state government had stressed on a renegotiated MoU, fixing firm timelines on the company. As the anchor tenant of the PCPIR hub, IOCL’s responsibility is to expedite implementation of projects, subject to viability and approval of its board so that the petrochemical feedstock is available in the Paradeep region for downstream processing industries.
09-Oct-13 
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