Indian Oil Corporation (IOCL) has announced a Rs 610.77 billion investment to establish a state-of-the-art petrochemical complex in Paradip, Odisha. This is the company’s largest-ever investment at a single location and a significant step in its strategy to expand its petrochemical footprint. The complex will feature a world.
scale cracker unit and multiple downstream processing units, producing essential petrochemical products and strengthening India’s domestic production capacity in high-demand industrial materials. The project is expected to act as a catalyst for regional industrial development, providing a reliable domestic feedstock supply to.
Sectors like plastics, pharmaceuticals, agrochemicals, personal care, and paints Indian Oil Corporation Limited (IOCL), India’s premier oil refining and marketing company, has announced a significant investment of ₹61,077 crore to establish a state-of-the-art petrochemical complex in Paradip, Odisha This initiative represents.
Project Overview
The proposed petrochemical complex will be integrated with IOCL’s existing 15 million tonnes per annum refinery in Paradip, which commenced operations in 2016. The new facility will feature a dual-feed cracker unit and a series of downstream processing units designed to produce a diverse range of petrochemicals.
Key products will include phenol, polypropylene (PP), isopropyl alcohol (IPA), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), and polyvinyl chloride (PVC). These petrochemicals are essential for various industries, including plastics, textiles, pharmaceuticals, agrochemicals, coatings, and adhesives.
Strategic Significance
The investment aligns with India’s broader vision of self-reliance and industrial growth. By producing critical petrochemicals domestically, the complex aims to IOCL’s largest single-location investment to date and is poised to transform the industrial landscape of eastern India reduce import dependency, potentially saving.
over ₹30,000 crore annually in foreign exchange. Additionally, the project is This ambitious project not only reinforces petrochemical footprint but also marks a pivotal step towards achieving India’s industrial and economic objectives expected to generate substantial employment opportunities, both directly and indirectly, and stimulate the development of ancillary industries in the region.
Government Collaboration
The project was formalized through a Memorandum of Understanding (MoU) signed between IOCL and the Government of Odisha. The agreement underscores the collaborative efforts between the central and state governments to promote industrial development in Odisha. Chief Minister Mohan Charan Majhi highlighted.
Timeline and Future Prospects
The petrochemical complex is slated for commissioning by 2029. Upon completion, it will significantly augment India’s petrochemical production capacity, meeting the rising domestic demand projected to increase from the current 30-35 achieving petrochemical industrial profile India’s industrial and million tonnes to approximately 80 million tonnes by 2040.
Indian Oil Corporation Limited (IOCL) has announced a substantial investment of ₹61,077 crore to establish a state-of-the-art petrochemical complex in Paradip, Odisha. This initiative marks IOCL’s largest single-location investment to date and aims to significantly enhance India’s petrochemical production capabilities.
The proposed complex will be integrated with IOCL’s existing 15 million tonnes per annum refinery in Paradip, which commenced operations in 2016. The new facility will feature a dual-feed cracker unit and various downstream processing units footprint but also marks a designed to produce a diverse range of petrochemicals. Key products will include.
phenol, polypropylene (PP), isopropyl alcohol (IPA), high-density polyethylene pivotal economic objectives the project’s (HDPE), linear low-density polyethylene (LLDPE), and polyvinyl chloride (PVC). These petrochemicals are essential for various IOCL’s commitment to expanding its industries, including plastics, textiles, pharmaceuticals, agrochemicals, coatings, and adhesives .
The investment aligns with India’s broader vision of self-reliance and industrial growth. By producing critical petrochemicals domestically, the complex aims to reduce import dependency, potentially saving over ₹30,000 crore annually in foreign exchange. Additionally, the project is expected to generate substantial employment.
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