IOC gets in-principle approval for setting up Paradip Petrochemical Complex in Odisha

Indian Oil Corporation (IOC) has received ‘in-principle’ approval to carry out pre project activities including preparation of Detailed Feasibility Report for setting up Paradip Petrochemical Complex at Paradip, Odisha at an estimated project cost of Rs 61,077 crore.

The project shall improve the Petrochemical Intensity Index of the company and de-risk its fossil fuel business. It shall also help to reduce the import dependency and contribute to vision of Atmanirbhar Bharat. The Board of the company at its meeting held on March 21, 2023 has accorded ‘in-principle’ approval for the same.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.