IOC to Invest INR 61,000 Crore in Odisha Petrochemical Complex Near Paradip Refinery
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Indian Oil Corporation (IOC) has entered into an agreement with the Odisha government to set up a large-scale petrochemical facility, involving an investment of over INR 61,000 crore. The announcement was made during the state's recent investor summit.
The proposed project includes the construction of a naphtha cracker unit that will be used to produce materials such as plastics, specialty chemicals, and technical textiles. The facility is expected to be operational by 2029 and will be located near IOC’s Paradip refinery, which has a capacity of 15 million tonnes per annum.
The initiative is intended to support the country’s growing demand for petrochemical products and expand industrial capacity in eastern India.
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Separately, Petronet LNG has indicated plans to invest around INR 6,500 crore to develop an LNG import terminal at Gopalpur port, contributing to the state’s expanding energy and industrial infrastructure.
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