January 2016, Business
Indian Oil Corporation’s latest refinery in Paradip, Odisha, the first in over a decade for the nation’s largest fuel major, started production of petrol from the Rs. 34,555-crore facility on Sunday.
Prime Minister Narendra Modi will dedicate the 15 MMTPA Paradip Refinery, which will primarily be producing BS-IV fuels and serving the eastern and south-eastern markets apart from exports, to the nation on February 7.
The commissioning of the refinery comes after 14 years, owing to many flip-flops by the Naveen Patanik government on incentives, withdrawal of its foreign partner Kuwait Petroleum and stiff frequent opposition from locals, state politicians and NGOs apart from two killer cyclones.
The foundation stone for the refinery was laid by former Prime Minister Atal Bihari Vajpayee in May 2002, which again was a full one decade after the project was proposed by the PV Narasimha Rao government in July 1992.
This 15-million tonne refinery is also the largest on the country’s Eastern coast, and is equipped with the latest technology, including IOC’s own patented IndMax technology for better and higher LPG output.