State secures proposals worth Rs 1L-cr at Delhi investors’ meet
Bhubaneswar: State govt secured investment proposals worth Rs 1.03 lakh crore during a two-day investors’ meet attended by chief minister Mohan Charan Majhi in New Delhi, which concluded on Tuesday.
While 13 memoranda of understanding (MoUs) worth Rs 98,880 crore were signed on the two days and 15 letters of intent received promising another Rs 4,210 crore, the final day witnessed three major deals in the chemical and petrochemicals sector, amounting to Rs 70,000 crore. These investments, once materialised, are expected to generate over 95,000 jobs in the state.
The govt inked a deal with Indian Oil Corporation Limited, which has a 15 million metric tonnes per annum (MMTPA) oil refinery in Paradip, for the establishment of a mega dual-feed cracker unit (DFCU) at an investment of Rs 58,042 crore. Besides, it signed a deal with Indian Strategic Petroleum Reserves Limited (ISPRL) for a crude oil storage facility at Chandikhol in Jajpur district, entailing an investment of Rs 8,743 crore. The third important project was an MoU with Petronet LNG for a LNG terminal of 50,000 MT capacity in Gopalpur, which will ensure an investment of Rs 2,306 crore.
Majhi termed the MoU with IOCL as a landmark moment in Odisha’s industrial journey. “It reflects not just a shared vision but a strong belief in the state’s potential to lead India’s petrochemical revolution from the east,” he said. A preliminary road map for the DFCU and its downstream units was laid way back in Sept 2014, months after Narendra Modi became Prime Minister for the first time. These will reduce reliance on petrochemical imports and strengthen India’s petrochemicals industry. The project will accelerate progress in Paradip’s petroleum, chemicals, and petrochemicals investment sectors, govt authorities said.
The crude oil storage facility in Chandikhol was also a long-drawn project conceived in 2018. Union education minister Dharmendra Pradhan, who was then the oil minister, wrote to then CM Naveen Patnaik regarding the construction of a 4 MMT capacity strategic petroleum reserve (SPR). The project was granted single-window approval through IDCO, and the necessary 600 acres of govt-owned land was provided, but the project did not make much progress earlier. With its current SPR capacity of 5.33 MMT, India can meet its crude oil needs for 9.5 days. Establishing the 4 MMT reserve in Chandikhol will increase the country’s crude oil needs by an additional 4 days. India will be able to meet around 17 days of crude oil needs.
The LNG terminal in Gopalpur, the second such terminal in Odisha and third along India’s east coast, will provide energy availability for the entire eastern India and enhance energy security, a govt officer said. Speaking at the investors’ meet, oil minister Hardeep Puri said the Paradip investment would be IOCL’s largest ever outlay at a single location. “This state-of-the-art petrochemicals hub will catalyse the development of Paradip Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) and will boost industrial growth, and create direct & indirect employment opportunities in the region,” he said.
Pradhan said with petroleum sector investments of more than Rs 2.04 lakh crore in the last decade, Odisha is on course to become one of the most important hubs of energy transition in the world. “Odisha is set to become the next big hub for polymers, petroleum, chemicals and petrochemicals. The MoUs signed will herald a new chapter of growth, prosperity, self-reliance and energy security,” he said.
While 13 memoranda of understanding (MoUs) worth Rs 98,880 crore were signed on the two days and 15 letters of intent received promising another Rs 4,210 crore, the final day witnessed three major deals in the chemical and petrochemicals sector, amounting to Rs 70,000 crore. These investments, once materialised, are expected to generate over 95,000 jobs in the state.
The govt inked a deal with Indian Oil Corporation Limited, which has a 15 million metric tonnes per annum (MMTPA) oil refinery in Paradip, for the establishment of a mega dual-feed cracker unit (DFCU) at an investment of Rs 58,042 crore. Besides, it signed a deal with Indian Strategic Petroleum Reserves Limited (ISPRL) for a crude oil storage facility at Chandikhol in Jajpur district, entailing an investment of Rs 8,743 crore. The third important project was an MoU with Petronet LNG for a LNG terminal of 50,000 MT capacity in Gopalpur, which will ensure an investment of Rs 2,306 crore.
Majhi termed the MoU with IOCL as a landmark moment in Odisha’s industrial journey. “It reflects not just a shared vision but a strong belief in the state’s potential to lead India’s petrochemical revolution from the east,” he said. A preliminary road map for the DFCU and its downstream units was laid way back in Sept 2014, months after Narendra Modi became Prime Minister for the first time. These will reduce reliance on petrochemical imports and strengthen India’s petrochemicals industry. The project will accelerate progress in Paradip’s petroleum, chemicals, and petrochemicals investment sectors, govt authorities said.
The crude oil storage facility in Chandikhol was also a long-drawn project conceived in 2018. Union education minister Dharmendra Pradhan, who was then the oil minister, wrote to then CM Naveen Patnaik regarding the construction of a 4 MMT capacity strategic petroleum reserve (SPR). The project was granted single-window approval through IDCO, and the necessary 600 acres of govt-owned land was provided, but the project did not make much progress earlier. With its current SPR capacity of 5.33 MMT, India can meet its crude oil needs for 9.5 days. Establishing the 4 MMT reserve in Chandikhol will increase the country’s crude oil needs by an additional 4 days. India will be able to meet around 17 days of crude oil needs.
The LNG terminal in Gopalpur, the second such terminal in Odisha and third along India’s east coast, will provide energy availability for the entire eastern India and enhance energy security, a govt officer said. Speaking at the investors’ meet, oil minister Hardeep Puri said the Paradip investment would be IOCL’s largest ever outlay at a single location. “This state-of-the-art petrochemicals hub will catalyse the development of Paradip Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) and will boost industrial growth, and create direct & indirect employment opportunities in the region,” he said.
Pradhan said with petroleum sector investments of more than Rs 2.04 lakh crore in the last decade, Odisha is on course to become one of the most important hubs of energy transition in the world. “Odisha is set to become the next big hub for polymers, petroleum, chemicals and petrochemicals. The MoUs signed will herald a new chapter of growth, prosperity, self-reliance and energy security,” he said.
