Indian Oil, IDCO sign MoU to develop Downstream Industries
Insight Bureau: Leading central PSU, Indian Oil Corporation Limited signed MoU with IDCO with an aims to develop the downstream polymer industries in Eastern India at petrochemical investor conclave held in Bhubaneswar on Thursday in presence of Union Minister for Petroleum & Natural Gas, Dharmendra Pradhan.
The plastic park has already received a grant-in-aid of Rs.40 crores from the central govt. Once fully developed, the park would host numerous MSME industries of the Polymer sector with a potential of employment generation for over 10,000 people.
Indian Oil Corporation Ltd., has commissioned a state of the art world class refinery with a capacity of 15 MMTPA at Paradipwith an investment of Rs. 35,000 crore. As a natural progression, Indian Oil is also setting up a polypropylene plant with an investment of Rs. 3150 crores in the same complex having capacity to produce7 lac tonne polypropylene per year. The plant will produce Poly-propylene grades that would be used as inputs by ancillary units of down-stream polymer processors to produce packaging bags/materials for cement /fertilizer units, moulded furniture/storage goods, packaging film for textiles,food items etc.
This will enable creation of a natural eco-system of the entire value chain of Polymer productionin one complex bestowing on Odisha the distinctionof having a world class integrated Polymer Industry.
Leveraging these advantages, the Paradip Plastic Park, which is being developed to host downstream plastic processing industries, will further give a great fillip to the expanding contours of development of Plastic industry in Eastern India. With ready access to the Paradip port, the region is well positionedto emerge as a major plastic raw material/ end product export hub to the South East Asian countries.