Indian Oil (IOCL) is to set up ‘Paradip Petrochemical Complex’ at Paradip, Odisha, at an estimated cost of Rs 61,077 crore. The (IOCL) Board has granted ‘Stage-I’ approval for the same. The Petrochemical Complex will comprise a cracker unit and downstream process units to enable the production of various petrochemical products.

The world-scale mega project gains prominence as the largest-ever investment of IOCL at a single location. The Petrochemical Complex will enable production of niche chemicals and petrochemicals including poly propylene (PP), high density polyethylene (HDPE), linear low-density polyethylene (LLDPE), poly vinyl chloride (PVC) and phenol and iso-propyl alcohol.

This project is expected to fuel catalytic growth of petroleum, chemicals and petrochemical investment regions (PCPIR) and ‘Plastic Park’ at Paradip. To aid its transition efforts, it will also significantly improve the petrochemical intensity index of IOCL.

On commissioning, domestically available petrochemicals will provide feed and also strengthen industrial growth in downstream industrial segments such as plastic, pharma, agrochemical, personal care, paints and others. Moreover, this will lead to employment opportunities in Odisha and parts of eastern India.

The mega project is aligned with the national vision of ‘Purvodaya’, which will accelerate development in Eastern India, while also advancing the ‘Aatmanirbhar Bharat’ initiative of self-reliance.