MoU for 61 thousand Crore Naphtha Project, Ground Breaking of 4352 Crore Yarn Project in January During Utkarsh Odisha
Bhubaneswar,24.12.2024: Chairman of Indian Oil Corporation Ltd. Shri A.S. Sahney today met Chief Minister Shri Mohan Charan Majhi at Lokseva Bhawan today to discuss progress of various ongoing and upcoming projects of IOCL in Odisha.
During the discussion it was decided that the IOCL and Odisha Government will sign a memorandum of understanding for the Naphtha Cracker Project at Paradeep in January. Naphtha Project in Paradeep has received in principle approval and IOCL will invest over Rs 61 thousand crore for the project. It is likely to be one of the largest projects in the sector in the Country. The State Government is an equity holder of this project, and will earn dividends in addition to taxes.
It was also decided that, the foundation for the upcoming Yarn project of IOCL at Bhadrak will also be laid in January. Rs 4352 crore will be invested for this project. It was informed that once the project is completed, various large scale garments manufacturing units will come up in the area. Both the projects will create huge employment opportunities for the youth.
Besides it was informed in the meeting that the ongoing Px-PTA (Para-xylene Purified Terephthalic Acid) project will be commissioned by June 2025. Besides several other ongoing and upcoming projects of IOCL were also discussed. These include a floating solar project and ethanol project in the state.
Industries Minister Shri Sampad Chandra Swain, Chief Secretary Shri Manoj Ahuja, Additional Chief Secretary to CM Shri Nikunja Bihari Dhal, Industries Principal Secretary Shri Hemant Sharma participated in the discussion. IOCL Executive Director Shri Abhijit Chakraborty and CGM Shri Dhananjaya Sahoo accompanied Chairman IOCL.
