IndianOil's Mega Paradip Project: A Boost for India's Energy Landscape

Indian Oil Corp partners with Odisha to launch its largest investment of Rs 61,077 crore for a petrochemical complex at Paradip. The project will stimulate industrial growth, create jobs, and reduce import dependency, aligning with India's self-reliant initiatives.

The Indian Oil Corporation Ltd (IndianOil) has entered into a Memorandum of Understanding with the Odisha government to establish a state-of-the-art petrochemical complex in Paradip. The agreement was formalized in the national capital with Petroleum Minister Hardeep Puri and Odisha Chief Minister Mohan Charan Majhi in attendance.

The Rs 61,077 crore investment marks IndianOil's most significant investment at a single site, the corporation announced on Tuesday. The Paradip facility will feature a dual-feed cracker and related downstream units to manufacture diverse petrochemicals such as phenol, polypropylene, and isopropyl alcohol. These components are crucial for industries including pharmaceuticals, agrochemicals, and coatings, thus aiding the 'Make in India' and self-reliant India initiatives.

Petroleum Minister Puri commented that the petrochemicals hub will accelerate the development of the Paradip Petroleum, Chemicals, and Petrochemicals Investment Region (PCPIR), creating numerous jobs. Union Minister Dharmendra Pradhan highlighted Odisha's emerging status as a pivotal energy transition hub, thanks to extensive petroleum sector investments. IndianOil Chairman AS Sahney stated that this new endeavor will complement the existing Paradip refinery and foster growth for downstream industries and MSMEs throughout eastern India.

(With inputs from agencies.)