IOCL Approves its Biggest Ever Investment in Paradip Petrochemical Complex  

Bhubaneswar: The Indian Oil Corporation Limited (IOCL) has given Stage-I approval for its proposed Paradip Petrochemical Complex at a cost of Rs 61,077 crore. It is IOCL’s biggest investment at a single location. This project will be a boost for downstream industries like plastic, pharma, agrochemical, personal care, paints, etc.

“We thank the Government of Odisha for the incentive package for this project that will produce vital petrochemical products like PVC, Phenol, IPA, and Polymers. It will vitalize key downstream industries like plastic, pharma, agrochemical, personal care, paints, etc., and support Aatmanirbhar Bharat,” the IOCL said in a statement.

Union Minister Dharmendra Pradhan also welcomed the IOCL approval of the project.

“I welcome IOCL’s approval for setting up the Paradip Petrochemical Complex in Odisha. The largest-ever investment by IOCL at a single location in India, this effort is guided by PM Narendra Modi’s vision of Purvodaya which will spur socio-economic growth in Odisha,” said Pradhan in a statement.

“I thank PM Modi and Petroleum Minister Hardeep Singh Puri for their commitment for the development of Odisha and eastern India. The decision will act as a catalyst towards making India Aatmanirbhar in the petrochemicals sector,” he added.