Millennium Post

IndianOil's new Paradip plant to usher golden era: Pradhan

IndianOils new Paradip plant  to usher golden era: Pradhan
The project, set to come up in the Indian Oil Corporation (IOC) Refinery Project complex, marked the dawn of a new era for industrial development not only in Odisha but also the entire eastern India, Pradhan said.

Underscoring the need for faster pace of industrial development to realise Prime Minister Narendra Modi's dreams, he said the plant will also pave the way for developing a petrochemical hub in this zone.

Polypropylene produced by the unit will be used in ancillary units to make moulded furniture, packaging material, containers, medical disposables, adhesive tapes etc.

Referring to the future plans in this direction, Pradhan said IndianOil was also evaluating feasibility of setting up of Ethylene Derivative Plant at an estimated cost of nearly Rs 4,000 crore.

This will indeed act as a catalyst in the socio-economic development of the country mainly Odisha. This plant will provide products to facilitate manufacturing of Polyester Chips, Fibers, PET bottles, PET Chips and Polyester yarn.

Speaking on the occasion, IOCL Chairman B Ashok outlined the key benefits of the project aligning with the Paradip Refinery slated to be commissioned this fiscal.

The upcoming Paradip Refinery is Indian Oil's most prestigious and capital intensive project till date and this will be the 11th refinery of IOCL.

Indian Oil Director (Refineries), Sanjiv Singh spoke about Indian Oil?s foray in petrochemicals.

The laying of the foundation stone of the 700 TMTPA Poly-Propylene (PP) Unit marks the first step in the direction of integration and progress.

Consumption of Polypropylene in India has risen in last decade and the trend is likely to continue with the increased use of plastics in automotive, processing and packaging industries, Pradhan said.
Agencies

Agencies

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