Odisha seeks Korean investments in Paradip petroleum investment region

In the run-up to the second 'Make in Odisha' conclave, to be held in November 2018, the state government is seeking investments from Korean companies for its Petroleum Chemicals and Petrochemicals Investment Region (PCPIR) at Paradip.

The PCPIR is being developed in Paradip to provide a conducive business environment, promoting and attracting exclusive investments in the petroleum, chemicals, petrochemicals and allied sectors. It is one of the four proposed PCPIRs in the country and is located near the Paradip port.

Speaking at a session on investment opportunities in Paradip PCPIR, at the 2nd India-Korea Business Summit 2018, Sanjeev Chopra, principal secretary (industries), Odisha, said: “The PCPIR at Paradip offers multiple strategic advantages like easy availability of raw materials for chemical and petrochemical downstream industries, sufficient port capacity to import feedstock, industry-ready labour pool, competitive power tariff, water availability.”

“Chemicals, plastics & petrochemicals is also one of the focus sectors for the Odisha Industrial Development Plan: Vision 2025. Keeping in mind the rising demand for petroleum, chemical and petrochemical products, we have identified large opportunities in the sector and are currently developing world-class infrastructure at Paradip PCPIR for the growth of allied industries. The project is also expected to create more than 600,000 direct and indirect employment opportunities,” he added.

With an investment of Rs 136.43 billion and spread over an area of 284 square km with 123 square km of processing area exclusively for industrial and associated development, PCPIR at Paradip offers a fully developed ecosystem comprising fertiliser units, manufacturing units and large availability of feedstock.

India’s biggest state-owned oil and gas corporation, Indian Oil Corporation Ltd (IOCL) is the anchor tenant with 15 mtpa refinery under operation while other major companies present in the region are IFFCO, Paradeep Phosphates, Skol Breweries and Essar, to name a few.

The Odisha government is also developing Paradip Plastic Park, spread across 120 acres, with an aim to develop a state-of- the-art manufacturing base for the downstream plastic industry comprising conversion of polymers into plastic articles with support facilities ranging from warehouse for raw material and finished products, simulation and testing facilities, as well as finishing and packing, under one roof.