Indian Oil Corporation (IOCL) has announced an investment of Rs 61,077 crore to establish a petrochemical complex at Paradip in Odisha, its largest-ever commitment at a single location. The project, recently granted Stage-1 approval by IOCL's Board, marks a key move in the company's broader transition strategy aimed at enhancing petrochemical output.

The complex will include a world-scale cracker unit and several downstream processing units to manufacture key petrochemical products like polypropylene (PP), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), and polyvinyl chloride (PVC). It will also produce niche chemicals such as phenol and isopropyl alcohol, bolstering India’s capacity in critical industrial materials. 

IOCL Chairman Shrikant Madhav Vaidya stated, “This mega project is aligned with Prime Minister Narendra Modi's vision of Purvodaya that is sure to accelerate the development trajectory and fuel prosperity in Eastern India.” IOCL’s current petrochemical intensity, defined as the percentage of crude oil converted into chemicals, stands at five to six percent. This project aims to increase it significantly, with newer refineries at Paradip and Panipat already operating at 15-20 percent and targeted to reach 25 percent. 

The Paradip complex is expected to stimulate industrial growth by supplying domestically available feedstock to downstream sectors such as plastics, pharmaceuticals, agrochemicals, personal care, and paints. It will also catalyse development of the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) and Plastic Park in Paradip, while creating significant employment opportunities.