Odisha withdraws interest-free loans to IOCL’s Paradeep refinery

Bhubaneswar: The Odisha finance minister Pradeep Kumar Amat informed the Odisha Assembly that the State government has withdrawn the incentive in the form of interest-free loans to Indian Oil Corporation Limited’s (IOCL) Paradeep Refinery project.

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The agreement for interest-free loans which signed in 2004 and was based on the then proposed capacity of 9 million tonne per year. However, the capacity was later on increased to 15 million tonne per year.

“The centre has not announced any incentive for the project. There were 8 incentives which were given to IOCL to the project by the State government out of which it has availed 7. We are now withdrawing one,” said Amat.