Wedoany.com Report-Apr. 11, Indian Oil Corporation (Indianoil) has entered into a Memorandum of Understanding (MOU) with the Government of Odisha to establish a modern Petrochemical Complex in Paradip. The agreement was formalized in the presence of Hardeep Singh Puri, Minister of Petroleum and Natural Gas; Dharmendra Pradhan, Minister of Education; Mohan Charan Majhi, Chief Minister of Odisha; and other senior officials.
Indian Oil Corporation has signed a MOU with the Government of Odisha to set up a world-class Petrochemical Complex at Paradip.
The project, with an investment of 61,077 crore rupees (approximately 7.1 billion dollars), represents Indianoil’s largest single-site investment to date. The new complex will feature a dual-feed cracker and downstream units to produce a diverse range of petrochemicals, including Phenol, Polypropylene, Isopropyl Alcohol, High-Density Polyethylene, Linear Low-Density Polyethylene, Polyvinyl Chloride, and Butadiene. These materials will support industries such as pharmaceuticals, agrochemicals, coatings, and adhesives, contributing to reduced reliance on imports and fostering growth in domestic manufacturing.
Hardeep Singh Puri stated: “This advanced Petrochemicals hub will drive progress in the Paradip Petroleum, Chemicals & Petrochemicals Investment Region (PCPIR) and create numerous direct and indirect job opportunities in the area.”
Dharmendra Pradhan noted: “With investments exceeding 2.04 lakh crore in the petroleum sector over the past ten years, Odisha is well-positioned to emerge as a key center for energy development globally.”
Mohan Charan Majhi expressed enthusiasm for the collaboration, saying: “This partnership will accelerate Odisha’s industrial development, generate employment, and establish the state as a leading destination for investment.”
A.S. Sahney, Chairman of Indianoil, remarked: “We are embarking on a significant milestone that will reshape not only Odisha’s industrial landscape but also India’s petrochemical sector.”
Building on Indianoil’s existing 15 MMTPA Refinery-cum-Petrochemical Complex in Paradip, the new facility is expected to strengthen downstream industries and support small and medium enterprises across Eastern India. The project aligns with efforts to promote sustainable industrial growth and enhance regional economic development.
By producing essential raw materials locally, the complex will meet growing domestic demand and bolster supply chains for specialty chemicals. The initiative is poised to create a robust ecosystem for manufacturing and innovation, fostering opportunities for businesses and communities in Odisha and beyond.
