 "PM Narendra Modi dedicates IOC's Paradip Refinery to the nation")
Indian Oil Corporation’s Paradip Refinery, which was officially commissioned by Prime Minister Narendra Modi on Sunday (February 7, 2016), is expected to fuel economic growth in the host state. Speaking on the occasion, Modi said, “Paradip Refinery of Indian Oil marks the beginning of a new era of development. Following the commissioning of the refinery, an investment of Rs 100,000 crore will come into the state. Paradip Refinery is the Vikas Deep for Odisha. The refinery will contribute to the development of the state and bring new hope for the youth. The people of Odisha know about the importance of the refinery.”
Refinery will enhance the security of POL (petroleum, oil & lubricants) supplies to energise Odisha and also result in major savings in transportation costs for moving petroleum products from other locations to eastern India. The refinery is expected to play a critical role in the growth of the region, spurring trade-related activities, while increasing opportunities for direct and indirect employment. These will have a ripple effect on the development of hospitality services, communication, health care and education in the region in the near future. The imminent potential development of ancillary and auxiliary industries, in turn, will generate more revenue for the state, increasing employment opportunities within the local area.
With a 700 kilo tonnes per annum (KTA) capacity polypropylene plant to be commissioned at Paradip by 2017-18, Indian Oil will lay the foundation of making the state a petrochemicals hub. This unit will spur the development of a large number of polypropylene-based downstream industries like furniture, packaging, houseware, disposable cups, medicine bags & textile packaging in Odisha and its neighbouring states. This is expected to result in an investment of about Rs 1200 crore, with direct employment of approximately 7000 people. The feasibility reports on other critical projects such as ethylene derivative project (400 KTA capacity mono ethylene glycol or MEG); PX-PTA unit, petcoke gasification unit (for generation of synthetic ethanol), have already been completed.
A new LPG import terminal is also being planned at Paradip which will provide an additional source of LPG supply to Odisha, West Bengal, Bihar and Jharkhand.
