IOCL’s Rs 61,000 Crore Investment in Odisha for World-Class Petrochemical Complex

Indian Oil Corporation Ltd (IOCL) has announced an investment of ₹61,077 crore to establish a world-class petrochemical complex in Paradip, Odisha. This move marks the largest-ever investment by IOCL at a single location and aims to bolster India’s petrochemical industry and manufacturing capabilities. The project will not only enhance the region’s infrastructure but will also create a range of high-demand petrochemical products used in various industries such as pharmaceuticals, agrochemicals, coatings, and adhesives. The agreement was formalized in the presence of key government officials, including Odisha Chief Minister Mohan Charan Majhi, Union Petroleum and Natural Gas Minister Hardeep Singh Puri, Union Education Minister Dharmendra Pradhan, and Union Tribal Affairs Minister Jual Oram. This investment is expected to revolutionize the petrochemical and industrial sectors of Odisha, transforming Paradip into a major industrial hub.

Key Details of the Project

Investment Amount

• ₹61,077 crore, IOCL’s largest-ever single-location investment.
• Location: Paradip, Odisha.

Project Components

• A dual-feed cracker for producing essential petrochemicals.
• Associated downstream units to manufacture products like phenol, polypropylene (PP), isopropyl alcohol (IPA), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), and butadiene.

End Products

• Phenol: Used in manufacturing plastics, adhesives, and pharmaceuticals.
• Polypropylene (PP): Used in packaging, textiles, and automotive applications.
• Isopropyl Alcohol (IPA): Used in pharmaceuticals, cleaning products, and as a solvent.
• HDPE and LLDPE: Used in plastic containers, pipes, and films.
• PVC: Used in construction, electrical, and medical industries.
• Butadiene: Used in the production of synthetic rubber and plastics.

Impact

• Enhance the petrochemical infrastructure of Odisha.
• Generate direct and indirect employment opportunities.
• Catalyze the development of the Paradip Petroleum, Chemicals, and Petrochemicals Investment Region (PCPIR).

Significance for Odisha and India’s Industrial Growth

• Strategic Location: Paradip’s coastal location makes it a crucial site for industrial development, especially in the petrochemical sector.
• Industrial Hub Development: The project is expected to transform Paradip into a transformative industrial hub, supporting India’s industrial growth and global competitiveness.
• Employment Generation: The complex will create numerous jobs, both directly in the facility and indirectly through related industries and services.