Taiwanese investor CPC Corporation isn't finding land for setting up its Rs 45,300 crore petrochemicals project in Paradip eight months after Odisha wooed the company at a much-publicised investor summit.
A delegation drawn from the Taiwan Petrochemical Alliance led by Lee Shun-Chin, president of CPC Corporation, had surveyed the proposed site of the petrochemicals project at Paradip in August 2018. The corporation's officials also held talks with the authorities of the Paradip Port Trust (PPT). Before visiting the site, the delegation had negotiations with Dharmendra Pradhan, minister for petroleum and natural gas. The successful operations of the projects proposed by CPC Corporation were contingent on a consistent supply of feedstock by Indian Oil Corporation's (IOC) refinery unit at Paradip.
Later, CPC followed up with an investment intent at the second edition of Make in Odisha conclave held in November 2018. CPC was the second biggest investor at the biennial conclave after West Bengal-based Haldia Petrochemicals which pledged Rs 70,000 crore.
But nearly eight months into the showpiece investment summit, CPC's planned project is in disarray. Land, the key component for installing the petrochemicals plant is unavailable, at Paradip.
“There is hardly any land available for CPC or other prospective investors in and around Paradip. Land acquired for the mega Posco project is to be transferred to JSW Steel. Besides, IOC has come up with a fresh proposal, seeking a land parcel of 4000 acres of land adjacent to its crude oil refinery at Paradip”, said a government official in the know.
Another source familiar with the development said, “CPC has not evinced interest since their initial interest. We are ready to provide them land at an alternative location if they are still keen on investment”.
CPC Corporation is a state-owned petroleum, natural gas and gasoline company in Taiwan and is at the core of the Taiwanese petrochemicals industry. The company's main businesses include surveying, extracting, refining, transporting, and selling petroleum. It also produces various chemicals and has retail outlets all over Taiwan.