The Indian Oil Corporation (IOCL) has announced plans to set up a petrochemical complex in Paradip, Odisha. This will be the largest-ever investment at a single location by the oil marketing company, with an estimated cost of Rs 610.77 billion.
The complex will include a world-scale cracker unit and downstream process units, which will produce several petrochemical products such as polypropylene (PP), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), and polyvinyl chloride (PVC). It will also produce niche chemicals and petrochemicals like phenol and isopropyl alcohol.
According to IOCL, this cutting-edge, state-of-the-art petrochemical complex will significantly advance the Aatmanirbhar Bharat initiative, strengthening India’s self-reliance in the sector. The project will also improve the petrochemical intensity index of IOCL, making the company a major player in the industry. IOCL Chairman Shrikant Madhav Vaidya believes that the project will be transformative in its impact.
The petrochemical complex is expected to catalyze the growth of PCPIR and Plastic Park at Paradip. Once commissioned, the domestically available petrochemicals are expected to provide feed and vitalize industrial growth in key downstream industries like plastic, pharma, agrochemical, personal care, paints, and more. The project is also expected to create employment opportunities in eastern India, especially in Odisha.
The IOCL board of directors has approved the project, which will significantly improve the company’s petrochemical intensity index. This move is in line with IOCL’s growth strategy and its goal to become a major player in the petrochemicals industry. The project will be a growth driver for the company and the industry as a whole, creating opportunities for employment and contributing to India’s self-reliance in the sector.