Union Petroleum Minister likely to fast-track PCPIR project at Paradip, Odisha

29-May-14

Union Minister for Petroleum and Natural Gas Dharmendra Pradhan is likely to fast-track Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) project at Paradip in Odisha. The PCPIR at Paradip was likely to attract an investment of over Rs 2 lakh crore. Of the expected overall investment figure of Rs 2.74 lakh crore, the lion’s share would come from the petroleum and petrochemicals sectors at Rs 2.3 lakh crore followed by housing and allied infrastructure at Rs 23,500 crore, external infrastructure at Rs 13,634 crore and Rs 3,500 crore each for chemicals & fertilisers and ancillary sectors. IOCL, which is setting up a 15 MTPA oil refinery at Paradip, has been identified as the Anchor Tenant for the Odisha PCPIR. The PCPIR hub at Paradip is expected to attract investment to the tune of Rs. 2.74 lakh crore. But the implementation of PCPIR programme in the state is on the slow lane.