New Delhi: Indian Oil Corporation Ltd (IOCL) is set to invest Rs 58,042 crore for India’s largest dual-feed naptha cracker project near its refinery in Paradip.
This was announced at the Odisha Investors Meet in New Delhi on Tuesday.
Union Education Minister Dharmendra Pradhan posted on ‘X’ that Odisha is poised to become India’s next big hub of petroleum, chemicals and petrochemicals. The cracker project will have a capacity of 1.5 million tonnes and will be built within the next 4-5 years, IOCL chairman Arvinder Singh Sahney said.
Dharmendra also highlighted a plan by Indian Strategic Petroleum Reserves Limited (ISPRL) for a crude oil storage facility in Chandikhol. Petronet LNG Ltd is also keen for an LNG Terminal at Gopalpur.
“These projects will drive accelerated industrial and socio-economic growth, create large-scale economic and employment opportunities, script bold new chapters in Odisha’s development and pave the way for a Viksit Odisha, Viksit Bharat. I am grateful to my cabinet colleague Shri Hardeep Singh Puri, IOCL, Petronet LNG Ltd and all other investors for the massive investments as well as for the continuous efforts to catalyse the industrial landscape in Odisha. I am confident that the CM Shri Mohan Charan Majhi-led Odisha government will implement these investments in letter and spirit and in a time-bound manner,” Dharmendra stated.
“Strengthening Odisha’s economy, wealth creation, creating new job opportunities and nurturing a new generation of entrepreneurs in Odisha is our priority. PM Modi’s guarantee and CM Mohan Majhi’s leadership will support all investors. With petroleum sector investments of more than Rs 2.04 lakh crore in the last decade, Odisha is on-course to become one of the most important hubs of energy transition in the world. I request CM Mohan Majhi to also come up with a new bio-gas policy to give momentum to the Swacchh Bharat movement,” he added.
CM Majhi also took to ‘X’ to say: “Honoured to witness the signing of MoUs with esteemed industry leaders alongside Hon’ble Minister Shri Sampad Swain. These partnerships will catalyze #Odisha’s industrial growth, generate employment, and reaffirm our commitment to making our State a top investment destination”.
