Utkarsh Odisha: IOCL Plans Rs 70,000 Crore More Investment In Petrochem Sector

Bhubaneswar: The Indian Oil Corporation Limited (IOCL) has planned to invest Rs 70,000 crore, mostly in petrochemical sector, in Odisha.

This was revealed by IOCL Chairman Arvinder Singh Sahney while speaking to the media on the sidelines of Utkarsh Odisha – Make in Odisha Conclave in Bhubaneswar on Tuesday.

Sahney said while the IOCL has already invested Rs 50,000 crore in the state, it had come up with a budget of Rs 70,000 crore investment for future projects. Most of the projects would be related to the petrochemical sector in Paradip and Bhadrak, he added.

A part of the investment would be diverted for expansion of the crude refinery plant at Paradip from 150 lakh tonne to 250 lakh tonne per annum. The company is also investing Rs 9,136 crore in 1.2 mtpa PX-PTA (Purified Terephthalic Acid) complex at the same site

The IOCL’s largest venture is Rs 61,000 crore naphtha cracker project at Paradip, which received in-principle approval in 2024. All these projects are part of total investment proposal of Rs 1,00,300 crore in the state.