High-level team to visit petro-chemical complex site in Orissa

A high-level team from the Centre will visit Orissa soon to inspect the site selected by the state government for the proposed mega integrated petrochemical complex near Paradip.
    
The state government has identified the land near the port-town in Jagtsinghpur district for the proposed complex called Petroleum, Chemicals and Petro-Chemical Investment Region (PCPIR) to be developed at an investment of about Rs one lakh crore.
    
The high level official team from the Centre is expected to visit the area next month for the setting up of the PCPIR in the state, Minister of State for Fertiliser and Chemical Srikant Jena said here.
    
The Centre has taken initiative for development of PCPIR to create infrastructure and research and development centers and to make suitable avenue for investment by private sector in chemical and petroleum sectors, the minister said.
    
Paradip is one of the six sites identified by the central government across the country for the development of PCPIR. The other selected sites are Haladia-Nayachar in West Bengal, Deheja in Gujarat, Visakhapatnam in Andhra Pradesh, Mangalore in Karnatak and Cuddalore-Nagapattam in Tamilnadu.
    
The Union Cabinet has already approved three PCPIR in Visakhapatnam, Deheja and Haldia. The proposal of Paradip PCPIR is likely to be placed for cabinet approval after the central team visits the site. The high power committee has already approved the site, he said.

While the Centre would invest around Rs 40,000 crore in the proposed PCPIR, another around Rs 60,000 crore was expected to be invested by the private sector in the area, Jena said.
 
"It will be a major investment in the state in the petro-chemical sector. As 100 per cent foreign direct investment (FDI) is permissible in chemical industry, this should provide a boost to the sector," he added.
 
The proposed project, however, was not included in the oil refinery project being set up by Indian Oil Corporation (IOC) at Paradip with an investment of around Rs 35,000 crore, the minister stated.