 "Centre seeks status report on Odisha PCPIR project")
The parliamentary standing committee on chemicals and fertilizers is likely to review implementation of different PCPIRs soon.
The implementation of PCPIR in the state is on the slow lane. Indian Oil Corporation Ltd (IOCL), the anchor tenant for the project is yet to sign a memorandum of understanding (MoU) with the state government. The signing of the pact between IOCL and the state government is key to attracting investments from petrochemicals sectors.
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Earlier, the Union ministry of chemicals & fertilizers had urged the state government to go for an MoU after the state raised concern over final commitment of the anchor tenant. More recently, senior Biju Janata Dal (BJD) leader and the party's Lok Sabha MP from Kendrapara had sought the intervention of Veerapa Moily, Union minister for petroleum and natural gas, pointing out delay in development of the PCPIR hub.
As the anchor tenant, IOCL had committed to set up a 15 million tonne refinery and petrochemicals complex at Paradeep at an estimated cost of Rs 55,000 crore. But the oil marketing major is understood to have put the petrochemicals complex on the back burner, seemingly jeopardizing investments to the PCPIR region.
The PCPIR project in the state would be set up on 284.15 sq km (70,214 acres) of land spread over Jagatsinghpur and Kendrapara districts. The PCPIR hub is expected to attract investments to the tune of Rs 2.74 lakh crore.
Of the expected overall investment figure of Rs 2.74 lakh crore, the lion's share would come from the petroleum and petrochemicals sectors at Rs 2.3 lakh crore followed by housing and allied infrastructure at Rs 23,500 crore, external infrastructure at Rs 13,634 crore and Rs 3,500 crore each for chemicals & fertilizers and ancillary sectors.
The mega project is set to create employment for 648,000 people which includes direct employment for 227,000 people and indirect employment for 441,000 others.
The turnover of this PCPIR hub is estimated at Rs 4.23 lakh crore with an export potential of Rs 43,000 crore. The PCPIR hub is expected to generate taxes to the tune of Rs 42,000 crore and contribute six% to Odisha Gross Domestic Product (GDP).