Bhubaneswar: Odisha government on Thursday announced that it will provide all possible assistance to Taiwanese investors on their proposal to set up a petroleum downstream industry in Paradip.
Official sources said that Taiwan’s state-owned CPC Corporation has proposed to invest USD 6.6 billion (Rs 43,000 crore) in a petrochemical project in Paradip using feedstock from Indian Oil Corporation (IOC).
Taiwanese delegation led by President of CPC Corp, Lee Shun Chin and Taiwan Govt officials on Thursday discussed the issue with Odisha Chief Minister Naveen Patnaik at the Secretariat.
Official sources said the government will soon constitute a task force headed by Chief Secretary to provide necessary assistance for the proposed project.
Patnaik expressed hope that the trade partnership between Odisha and Taiwan in several sectors will be healthy in future.
“The delegation from Taiwan today met Odisha CM and we have assured all assistance for the proposed project,” said Chief Secretary, Aditya Prasad Padhi.
Earlier on July 31, the delegation had met Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan in New Delhi.
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The delegation had a detailed discussion with the Minister and senior officials of the Ministry on the proposed investment and identified the East Coast of India and Odisha in particular for their cracker and downstream units.
“Met with a delegation led by President of Taiwan's state-owned petrochemical company, CPC Corporation. They propose to invest $6.6 billion in petrochemical projects in Paradip using feedstock from IOC,” Pradhan had tweeted.