Indian Oil to Develop Mega Petrochemical Complex

7.4 Billion Dollar Investment Indian Oil to Develop Mega Petrochemical Complex

2023-03-28 Source: Press release Ahlam Rais 1 min Reading Time

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Indian Oil has plans to set up the Paradip Petrochemical Complex at Paradip, Odisha in India by investing 7.4 billion dollars, thus, making it the largest-ever investment by the oil major at a single location.

The Paradip Petrochemical Complex shall include a world-scale cracker unit along with downstream process units for producing several petrochemical products. (Source: Indian Oil) — The Paradip Petrochemical Complex shall include a world-scale cracker unit along with downstream process units for producing several petrochemical products.
(Source: Indian Oil)

New Delhi/India – The Indian Oil Board has accorded ‘Stage-I’ approval for setting up the Paradip Petrochemical Complex at Paradip, Odisha at an estimated cost of 7.4 billion dollars. This mega project will be the largest-ever investment of Indian Oil at a single location.

The petrochemical complex shall include a world-scale cracker unit along with downstream process units for producing several petrochemical products including polypropylene (PP), high density polyethylene (HDPE), linear low-density polyethylene (LLDPE), poly vinyl chloride (PVC), etc. It shall also facilitate production of niche chemicals and petrochemicals like phenol and iso propyl alcohol.

Talking of this transformative development, Shrikant Madhav Vaidya, Chairman, Indian Oil said, “This mega project is aligned with the Prime Minister Narendra Modi’s vision of Purvodaya that is sure to accelerate the development trajectory and fuel prosperity in Eastern India. This cutting-edge, state-of-the-art petrochemical complex will undoubtedly be transformative in its impact, significantly advancing the Aatmanirbhar Bharat initiative.”

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This mega project shall significantly improve the Petrochemical Intensity Index of Indian Oil. It shall be a growth driver in making the company

a major player in the petrochemical industry, while strengthening India’s self-reliance in the petrochemical sector.

This project will catalyze the growth of PCPIR (Petroleum, Chemicals and Petrochemicals Investment Region) and Plastic Park at Paradip. On commissioning of this project, domestically available petrochemicals are expected to provide feed and vitalize industrial growth in key downstream industries like plastic, pharma, agrochemical, personal care, paints, etc. It is also expected to create employment opportunities in eastern India, especially Odisha.

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