The petrochemical facility will house a cracker unit and downstream process units to produce PP, LLDPE, HDPE, PVC, and other petrochemical products
IndianOil to set up the $740m Paradip petrochemical complex in Odisha. (Credit: IM3847/Wikimedia Commons)
IndianOil said that its board has given stage-I approval for the company to build the Paradip petrochemical complex in Odisha, India with an estimated investment of INR61bn ($740m).
According to the Indian public sector company, the petrochemical project in Paradip will be its biggest-ever investment at a single location.
IndianOil said that the petrochemical facility will house a cracker unit and downstream process units.
The processing units will produce polypropylene (PP), linear low-density polyethylene (LLDPE), high density polyethylene (HDPE), polyvinyl chloride (PVC), and other petrochemical products.
Besides, the Paradip petrochemical complex will enable the production of phenol and isopropyl alcohol among other niche chemicals and petrochemicals.
IndianOil chairman Shrikant Madhav Vaidya said: “This mega project is aligned with Hon’ble Prime Minister Narendra Modi’s vision of Purvodaya that is sure to accelerate the development trajectory and fuel prosperity in Eastern India.
“This cutting-edge, state-of-the-art petrochemical complex will undoubtedly be transformative in its impact, significantly advancing the Aatmanirbhar Bharat initiative.”
Apart from considerably growing its petrochemical intensity index, IndianOil expects the project to be a growth driver in helping it become a key player in the petrochemical sector.
Besides, the Paradip petrochemical complex will speed up the growth of the petroleum, chemicals and petrochemicals investment region (PCPIR) and plastic park at Paradip.
IndianOil said that following the commissioning of the petrochemical project, domestically available petrochemicals are anticipated to provide feed and strengthen industrial growth in important downstream sectors such as plastic, agrochemical, pharma, paints, personal care, and others.
Additionally, the project will generate employment opportunities in the eastern part of India, especially in the state of Odisha, said the company.
Currently, IndianOil has a refinery in Paradip, which has been operating since 2016. The refinery exports petroleum products to South-East Asian countries.