Odisha has set its journey on to becoming the biggest petrochemical hub of East India. Naveen Patnaik‘s government cleared mega investment proposals of M/s Haldia Petrochemicals Ltd (HPL) and Indian Oil Corporation Limited on Monday night.
In a High-Level Clearance Authority (HLCA) headed by the Chief Minister Naveen Patnaik, a total of 5 projects worth Rs 2,04,069 crore were approved. The investment is said to be the highest ever investment approved by the HLCA ever. It is expected that the projects have the potential to create employment avenues for 27,645 people.
Speaking on the matter, Principal Secretary of Industries, Sanjeev Chopra said that he is positive that the projects will help the state in transforming into a petrochemical hub. He also hoped that this will turn Odisha into the energy gateway of the East.
HLCA gave nod to two big players in the energy sector, Haldia Petrochemicals Ltd (HPL) and Indian Oil Corporation Limited.
Out of five projects, the first proposal of Haldia Petrochemicals Ltd (HPL) is to set up a Hydrocarbon processing complex. It will include a light crude oil refinery, Aromatics complex, and Ethylene Cracker Complex near the proposed Subarnarekha port. A total investment of Rs 78,225 crores will be spent with the aim to create job opportunities for 10,000 people.
The second proposal Indian Oil Corporation Limited is related to expanding its existing refinery unit from 15 MMTPA to 25 MMTPA. It also seeks to establish Naphtha cracker and Petcoke Gasification Plant at Paradip in Jagatsinghpur. A total investment of whopping Rs. 1,00,300 crore will be invested.
Other projects include Jindal (India) Limited’s project in the metal downstream sector and Talcher Fertilizer Ltd’s proposal to set up a Coal based Urea Fertilizer complex in Angul district.