‘Paradip petrochemical complex project to boost devpt, jobs in state'
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Kendrapada: The petrochemical complex project in Paradip and nearby areas, to come up at a proposed investment of Rs 61,077 crore, will further boost industrial growth and employment in the state, Kausik Basu, executive director and head of Paradip Refinery, said on Friday.
Indian Oil has made a cumulative investment of around Rs 43,359 crore in Paradip, encompassing its state-of-the-art refinery units ( Rs 34,555 crore), polypropylene plant (Rs 3,150 crore), and mono ethylene glycol (MEG) plant (Rs 5,654 crore). "In addition, Indian Oil is investing Rs 13,805 crore in the ongoing PX-PTA project at Paradip to strengthen the petrochemical value chain. Around Rs 4,382 crore is going to be invested in the Bhadrak textile park project to support Odisha's textile sector," added Basu.
"These investments represent critical milestones in Indian Oil's strategic vision to develop Paradip into an integrated energy and petrochemical hub. They underscore the corporation's steadfast commitment to fostering innovation, enhancing self-reliance under the Centre's Atmanirbhar Bharat initiative, and advancing the national energy transition towards a cleaner and more sustainable future," added Basu.
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"The development and operation of Paradip Refinery directly and indirectly support the livelihoods of over 15,000 individuals, including skilled and unskilled workers, contractors, and supply chain partners. Indian Oil also facilitates local skill development and capacity-building programmes, creating meaningful economic opportunities in surrounding communities," he said.
"During FY 2024-25, Paradip Refinery contributed over Rs 25,699 crore to the state and central exchequer through various duties, taxes and levies — underlining its role as a responsible corporate entity and economic enabler," he further said.
"Paradip Refinery has till date spent Rs 54.55 crore towards impactful initiatives under corporate social responsibility (CSR) and corporate environment responsibility (CER)," he added.
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