Odisha Set To Become Major Petrochemical Hub As State Government Approves Rs 2.04 Lakh Crore Investments In One Go

In a major push for the state’s petrochemicals sector, the Government of Odisha on Monday (19 August) led by Chief Minister (CM) Naveen Patnaik, approved five large-scale investment proposals to the tune of Rs 2.04 lakh crore, generating nearly 28,000 jobs, reports Asian News International (ANI).

Having received the nod, Indian Oil Corporation alone will be investing Rs 1,00,300 crores in the existing Paradip refinery to expand its capacity from existing 15 mtpa to 25 mtpa. The company will be investing a further amount of Rs 9,132 crore in Paradip refinery to set up a greenfield 1.2 mtpa purified terephthalic acid complex.

Meanwhile, Haldia Petrochemicals also received the approval for it's proposal to set up a hydrocarbons processing complex near the proposed Subarnarekha port at Balasore district. The project would materialise investments to the tune of Rs 78,225 crore and include a light crude oil refinery, aromatics complex and ethylene cracker.

These and other projects in the state are expected to turn the state of Odisha into a major petrochemicals hub, with a huge potential for boosting India's exports given the accessibility to a number of major ports in the region.