The Odisha government has urged the Government of India to provide budgetary support to Indian Oil Corporation Ltd (IOCL) for financing the capital cost of the PCPIR (petroleum, chemicals and petrochemicals investment region) hub in the state and seek FDI (foreign direct investment) if necessary, for developing the hub, as per businessstandard.com. IOCL, the anchor tenant for the PCPIR hub, is setting up 15 mln ton oil refinery at Paradip that is expected to start commercial operation by March 2015.
The demand was raised by the state finance minister Pradip Amat at the pre-Budget meeting of state finance ministers convened by the central finance ministry.
Last month, Pradhan had laid the foundation stone for IOCL’s polypropylene (PP) plant (part of the petrochemical complex) at Paradip. The PP plant is expected to cost Rs 3,150 crore while the entire petrochemical complex involves an investment of Rs 27,000 crore.
29-Dec-14 
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