Petroleum minister lays foundation of new Rs 3150 cr plant
Paradip: To meet the growing demand of Polypropylene in the country, the foundation of a Rs 3,150 crore ambitious plant was laid here on Sunday by Petroleum Minister Dharmendra Pradhan.
The project, set to come up in the Indian Oil Corporation (IOC) Refinery Project complex, marked the dawn of a new era for industrial development not only in Odisha but also the entire eastern India, Pradhan said.
Underscoring the need for faster pace of industrial development to realise Prime Minister Narendra Modi’s dreams, he said the plant will also pave the way for developing a petrochemical hub in this zone.
Polypropylene produced by the unit will be used in ancillary units to make moulded furniture, packaging material, containers, medical disposables, adhesive tapes etc.
Referring to the future plans in this direction, Pradhan said Indian Oil was also evaluating feasibility of setting up of Ethylene Derivative Plant at an estimated cost of nearly Rs 4,000 crore.
This will indeed act as a catalyst in the socio-economic development of the country mainly Odisha. This plant will provide products to facilitate manufacturing of Polyester Chips, Fibers, PET bottles, PET Chips and Polyester yarn.
Speaking on the occasion, IOCL Chairman B Ashok outlined the key benefits of the project aligning with the Paradip Refinery slated to be commissioned this fiscal.
The upcoming Paradip Refinery is Indian Oil’s most prestigious and capital intensive project till date and this will be the 11th refinery of IOCL.
Indian Oil Director (Refineries), Sanjiv Singh spoke about Indian Oil?s foray in petrochemicals.
The laying of the foundation stone of the 700 TMTPA Poly-Propylene (PP) Unit marks the first step in the direction of integration and progress.
Consumption of Polypropylene in India has risen in last decade and the trend is likely to continue with the increased use of plastics in automotive, processing and packaging industries, Pradhan said.
The minister said the Centre has already lined up several projects at an investment of around Rs one lakh crore in petro and gas sector in Odisha.
With the commissioning of the unit, expected in next three years, a number of plastic processing Industries will also come up in the area, paving way for development of a petrochemical hub in this zone, he said.
Paradip Refinery will cater to the energy needs of Odisha, Andhra Pradesh, Madhya Pradesh, Uttar Pradesh, Bihar, Jharkhand, Chattisgarh and West Bengal.
With the commissioning of Indian Oil’s 15 MMTPA grassroots refinery at Paradip, Indian Oil shall be further augmenting its refining capacity, taking it over 80.0 MMTPA.