Indian Oil Corporation (IOC) on Tuesday announced that its board has provided in-principle approval to carry out pre-project activities for setting up the Paradip petrochemical complex at Paradip, Odisha. The project will be developed at an estimated cost of Rs 61,077 crore.
The company in a regulatory filing said, "Board of Indian Oil at its meeting held on March 21, 2023, has accorded ‘in-principle’ approval to carry out pre-project activities including preparation of Detailed Feasibility Report for setting up Paradip Petrochemical Complex at Paradip, Odisha at an estimated project cost of Rs 61,077 crore."
The project shall improve the petrochemical Intensity Index of the company and de-risk its fossil fuel business. It shall also help to reduce the import dependency and contribute to the vision of “Atmanirbhar Bharat."
Earlier on Monday, Indian Oil and NTPC Green Energy Ltd (100% subsidiary of NTPC) signed an agreement to form a joint venture (JV) for setting up renewable energy power plants to meet the round-the-clock power requirement of new projects of Indian oil refineries.
Paradip Refinery, situated in Paradip, Jagatsinghpur district in Odisha, was commissioned in 2016. The refinery caters to the petroleum products demand & is strategically located for the export of petroleum products to South-East Asian countries.
Paradip Refinery is Indian Oil’s first refinery with a single atmospheric column for processing 15.0 million metric tonne per annum. The crude receipt is by 3 nos. Single Point Mooring (SPM) is located at around 30 kms inside the sea to facilitate crude delivery by VLCC. The refinery is designed to process 100 percent high sulphur crude and TAN of 0.5.
