Projects worth over Rs 110 billion launched in Paradip

Projects worth over Rs 110 billion launched in Paradip

Mega projects of Indian Oil (IOCL) and Paradip Port Trust (PPT) worth over Rs 110 billion have been reportedly unveiled at Paradip in Odisha. Along with that, the state-of-the-art 15-MMTPA refinery of IOCL is expected to be upgraded with the inauguration of a Polypropylene (PP) plant built at an investment of Rs 31.5 billion.

With many other projects in the pipeline, the 680-KTA PP plant at Paradip Refinery is expected to increase IOCL’s petrochemicals capacity to 3.15 MMTPA. Besides, it is also said to reduce import of PP grades, thereby saving foreign exchange for the exchequer. The plant will be reportedly act as a mother unit.

Also, foundation stone was reportedly laid for 357-KTA Monoethylene Glycol (MEG) Plant at Paradip Refinery, which will be set up at an estimated cost of Rs 56.54 billion. Ethylene Glycol is extensively used in the manufacture of items like polyester fibre, bottle and film grade chips, solvents, coolant, textiles, packaging, PET film, sheet and molded containers for food packaging, which have a sustained industrial demand. The project is expected to boost the growing textiles industry in the region, thus catering to the rising demand for polyester fibre. Also with the textiles park proposed at Bhadrak, a huge opportunity for supplying raw material to downstream textile units is expected to occur.

That said, nearly Rs 20 billion will be reportedly invested in downstream units, thus generating large scale employment. Work is expected to commence on IOCL's LPG Import Terminal. In order to augment LPG import infrastructure at Paradip, IOCL will be reportedly setting up a new 0.6-MMTPA capacity LPG Import Terminal at an estimated cost of Rs 6.90 billion.

The multi-purpose berth, which is to be developed for handling clean cargo, is also set to be launched. The capacity of the terminal is 5 MMTPA and the estimated cost of the project is Rs 4.30 billion. Besides, a dust suppression system at a cost of Rs 175 million is also expected also be launched in the mechanised coal handling plant.

Other than that, foundation stones have been reportedly laid for several projects, including mechanisation of berths to enhance their capacity to 30 MMTPA, enabling cargo handling of thermal coal exports in an eco-friendly manner through closed conveyor system, at a cost of Rs 14.37 billion. A multi-modal logistics park is also expected to be developed an estimated cost of Rs 2 billion over an area of 100 acre in Paradip.

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