Chairman of Indian Oil Corporation Ltd., Shri A.S. Sahney, met with Chief Minister Shri Mohan Charan Majhi at Lokseva Bhawan today to talk about the progress of various ongoing and upcoming IOCL projects in Odisha.
During their meeting, it was agreed that IOCL and the Odisha Government will sign a memorandum of understanding for the Naphtha Cracker Project in Paradeep in January. The Naphtha Project in Paradeep has received in-principle approval, with IOCL planning to invest over Rs 61,000 crore. This project is expected to be one of the largest in the sector nationwide. The State Government will hold equity in this project, allowing it to earn dividends along with taxes.
Additionally, they decided that the foundation for the upcoming Yarn project at Bhadrak will also be laid in January, with an investment of Rs 4,352 crore. Once completed, this project is anticipated to attract several large-scale garment manufacturing units to the area, creating significant employment opportunities for the local youth.
The meeting also addressed the ongoing Px-PTA (Para-xylene Purified Terephthalic Acid) project, which is set to be commissioned by June 2025. Other ongoing and upcoming projects were discussed as well, including a floating solar project and an ethanol project in the state.
Industries Minister Shri Sampad Chandra Swain, Chief Secretary Shri Manoj Ahuja, Additional Chief Secretary to the CM Shri Nikunja Bihari Dhal, and Industries Principal Secretary Shri Hemant Sharma were part of the discussion. IOCL Executive Director Shri Abhijit Chakraborty and CGM Shri Dhananjaya Sahoo accompanied the Chairman of IOCL.