Indian Oil Corporation Ltd (IOCL) has so far invested Rs 4500 crore on its proposed 15 million tonne per annum (mtpa) grassroot refinery cum petrochemical complex to be set up five km south of Paradip.
Phase-I production from this refinery is set to begin from 2012.
“IOCL has so far invested Rs 4500 crore on its proposed refinery at Paradip. The company authorities have entered into a term loan agreement for an amount of Rs 14,900 crore with a consortium of 21 banks and financial institutions led by the State Bank of India”, the minister for industries Raghunath Mohanty said in response to a query in the state assembly.
The company has been handed over 3344.65 acres of land at the project site and advance possession of seven acres of land have been taken for setting up the water intake point at Cuttack, he stated.
It may be noted that IOCL is the anchor tenant for the proposed Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) at Paradip.
