Dikhyaa Mohanty 
The board of directors of the state-run Indian Oil Company (IOCL) authorized the construction of a petrochemical complex in Paradip in Odisha, with an estimated cost of 61,077 crore, the company announced on Wednesday. The project will represent the greatest investment the Oil Marketing Company (OMC) has ever made in a single area.
According to a statement from the PSU refiner, the petrochemical complex will include a large-scale cracker unit as well as downstream process units for producing a variety of petrochemical products, such as polypropylene (PP), high density polyethylene (HDPE), linear low-density polyethylene (LLDPE), poly vinyl chloride (PVC), etc. It was also stated that it would make it easier to produce specialty chemicals and petrochemicals like phenol and isopropyl alcohol.
“This cutting-edge, state-of-the-art petrochemical complex will surely be transformative in its impact, considerably furthering the Aatmanirbhar Bharat project,” stated IOCL Chairman Shrikant Madhav Vaidya. It will considerably raise IOCL’s petrochemical intensity index. It would be a growth engine for the firm, helping it become a key participant in the market and boosting Indian industry self-sufficiency, he continued.
The project will spur development at Paradip’s PCPIR and Plastic Park. The domestically available petrochemicals are anticipated to fuel industrial growth after commissioning in important downstream industries like plastic, pharmaceuticals, agrochemicals, personal care, paints, etc. Also, it is anticipated to provide job opportunities in eastern India, particularly in Odisha.
