Bhubaneswar: Indian Oil Corporation Limited and Odisha Industrial Infrastructure Development Corporation (IDCO) on Tuesday signed an agreement and a Memorandum of Understanding (MOU) to develop Paradip Plastic Park.
The MoU was signed on a hybrid mode in the presence of Chief Minister Naveen Patnaik and Union Minister for Petroleum and Natural Gas Dharmendra Pradhan. Odisha Minister for Industries Dibya Shankar Mishra was present.
Paradip Plastic Park is being developed jointly by IDCO, Odisha and Indian Oil Corporation Ltd over 120 acres of land with common facilities for downstream plastic industry such as green belt, road network, waste disposal system, workers colony.
A total of 80 saleable industrial plots of different sizes are available, and the total project cost for the development of the Park is Rs.106.78 crore. Indian Oil announced a Special Strategic Incentives scheme to attract investments in downstream polymer industries at Paradip Plastic Park.
An incentive of Rs 2000/MT on Polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradeep Plastic Park till 31.3.2030.
It is estimated that around 26 units will come up at the plastic Park with an estimated investment of 500 crores and is likely to generate direct and indirect employment of 6,000.
Speaking on the occasion, Chief Minister Naveen Patnaik congratulated Union Minister Dharmendra Pradhan, Indian Oil and IDCO for coming together towards development of Paradip Plastic Park, which is going to be a real game-changer for the downstream plastic industry.
This will boost the petrochemicals and plastic infrastructure as well as auxiliary industries & MSMEs in Odisha as well as Eastern India.”
Mr Patnaik said his Government has been providing all the required support for the Petroleum and Petrochemicals investments being set up by IOCL in Odisha.
The Plastic Park at Paradeep will be a very important infrastructure support to the downstream polymer industry in Odisha, he added.
Seeking the support of IOCL, the Chief Minister said being the anchor tenant of the PCPIR at Paradip, IOCL should play a leading role in promoting ancillary and downstream industries with support to local entrepreneurs.
He hoped that the setting up of Plastic Park would provide the necessary impetus to the PetroChemical Industries in Odisha.
Mr Pradhan said keeping the enterprise and employment generation potential of the plastic sector in mind, the union government has initiated the cluster development of the industry through its Plastic Park scheme.
Currently, six such parks have been approved by the Government of India, with Paradip Plastic Park being one of them.
Mr.Pradhan said Odisha would become the nerve centre of industrialisation through rapid development in petrochemical, chemical, polymer, textile and fibre sectors.
He also highlighted the importance of a skilled workforce in this downstream Industry.
Indian Oil Chairman Shrikant Madhav Vaidya said, “Indian Oil has made a significant investment of nearly Rs 41,000 crore in the last five to six years in Odisha to provide petrochemical feedstock, intermediates, and fuel for the Industry.
In February’ 2019, Indian Oil commissioned its 680 KTA Polypropylene (PP) plant at Paradip with an investment of Rs.3100 Crore.
Another petrochemical feedstock project of ‘Mono Ethylene Glycol (MEG)’ is being constructed and is likely to be commissioned by the end of this year.
A Product Application and Development Centre (PADC) at Paradip has also been established recently to enhance product quality, entrepreneurship, and self-reliance in petrochemical and plastics production in the region,he said
Indian Oil plans to set up an Integrated PX/PTA Plant with 1200 KTA capacity at Paradip. This plant, along with the MEG plant of 357 KTA capacity at Paradip, would be a ready source of feedstock for Indian Oil’s upcoming 300 KTA textile yarn manufacturing project at Bhadrak and can similarly facilitate other textile and polyester projects in the region”. (UNI)