The foundation stone of the Rs 3150 crore polypropylene plant at the upcoming Paradip refinery project complex has been laid by Union Minister of State (Ind) for Petroleum and Natural Gas Dharmendra Pradhan. This marks the dawn of a new era in industrial development in Odisha and the country. Paradip refinery, slated to be commissioned in early 2015, is the most prestigious and capital intensive project of Indian Oil Corporation Limited (IOCL) till date. With the commissioning of the plant in next three years, a number of plastic processing industries will come up in the area paving the way for development of a petrochemical hub. Prime Minister Narendra Modi has decided to accord priority to development of Eastern States, including Odisha, irrespective of party in power, as this region remains economically backward compared to other regions. The Union Minister said IOCL is evaluating the feasibility of setting up an ethylene derivative plant at an estimated cost of nearly Rs 4000 crore. The plant will provide products that will facilitate manufacturing of polyester chips, fibres, PET bottles and polyester yarn, he added.
Paradip Refinery will be catering to the energy needs of Odisha, Andhra Pradesh, Madhya Pradesh, Uttar Pradesh, Bihar, Jharkhand, Chhattisgarh and West Bengal.
17-Nov-14 
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