New Delhi: Indian Oil Corporation (IOC), Petronet LNG Ltd (PLL) and Indian Strategic Petroleum Reserves (ISPRL) have signed three pacts with the Odisha government at the Odisha Investors’ Meet in New Delhi on Tuesday. Indian Oil signed a Memorandum of Understanding (MoU) with the government of Odisha to set up a world-class Petrochemical Complex at Paradip. Another MoU was signed by Petronet LNG with the Odisha government for the establishment of a land-based LNG Terminal of 50,000 MT capacity at Gopalpur Port in Ganjam district. Indian Strategic Petroleum Reserves Limited (ISPRL) also signed an MoU for the establishment of 4.0 MMT capacity of crude oil storage facilities in Jajpur district.
“These projects will prove to be game changers for import substitution, reducing dependency on imports while strengthening India's energy & petrochemicals infrastructure,” said Minister for Petroleum and Natural Gas Hardeep Singh Puri in a post on X.
With an investment of Rs 61,077 crore, Indian Oil’s Paradip petrochemical complex marks the PSU’s largest-ever investment at a single location and a transformative step in India’s petrochemical and industrial growth. The upcoming complex will house a dual-feed cracker and associated downstream units for the production of a wide range of petrochemicals including Phenol, Polypropylene (PP), Isopropyl Alcohol (IPA), High-Density Polyethylene (HDPE), Linear Low-Density Polyethylene (LLDPE), Polyvinyl Chloride (PVC), Phenol, and Butadiene. These products will serve as key raw materials for specialty chemical sectors like pharmaceuticals, agrochemicals, coatings, and adhesives, significantly reducing import dependency and supporting the Aatmanirbhar Bharat and Make in India missions.
Speaking on the occasion, Puri said, “This state-of-the-art Petrochemicals hub will catalyse the development of Paradip Petroleum, Chemicals & Petrochemicals Investment Region (PCPIR) and create direct & indirect employment opportunities in the region.”
This project builds on Indian Oil’s existing 15 MMTPA Refinery-cum-Petrochemical Complex at Paradip and will boost downstream industries and MSMEs across eastern India.