Odisha assures all support to Taiwans CPC Corporation

Odisha govenrment today assured all support to the Taiwans state-owned firm CPC Corporation which proposes investment of Rs 43,000 crore (USD 6.6 billion) in the petrochemical sector in India.

The Taiwan company has identified port town Paradip in Odisha as one of its possible locations for its investment, officials said.

The company is likely to choose the Paradip site as it may meet its raw materials requirement by using feedstock from Indian Oil Corporation (IOC), they said.

The state government's assurance was given by Chief Minister Naveen Patnaik when he met a CPC Corporation delegation led by its president Shun-Chin Lee at the state secretariat here, the officials said.

Patnaik during the discussion with Lee said that a high level taskforce headed by the state chief secretary will be formed to facilitate the company to set up its facility in Paradip, the officials said.

Lee was quoted to have said that the company has plans to set up a petroleum cracker facility either in the western or eastern parts of the country and that Paradip is an ideal location.

"We will invest an estimated 6.6 billion USD which is equivalent to Rs 43,000 crore. We hope the state govenrment will provide support and help us," he said.

Chief Secretary A P Padhi told reporters after the meeting that the state government has assured the Taiwan company to provide all infrastructural support like land, water, electricity and incentives. The company will meet its raw material requirement from Indian Oil Corporation which has set up a mega oil refinery in Paradip.

Padhi informed that CPC delegates had visited Paradip yesterday and discussed in detail about the proposed project with the authorities of the Paradip Port Trust(PPT). They also met officials of the oil ministry separately, he said.

The state government is optimistic about Taiwan's investment, Padhi added.

Earlier, Patnaik welcomed the CPC delegates and said that the proposed project will help in setting up petroleum downstream industries in Paradip.

Stating that there is a huge opportunity in the state to set up industries, Patnaik said Odisha is among top three states in live manufacturing investment and project implementation.

Patnaik said he was optimistic about the rise in the trade partnership between Odisha and Taiwan in different sectors.

Official sources said the states Industrial Development Plan 2025 include chemical and petrochemical sector as priroty sector.