OdishaPlus Bureau
Odisha is all set to be the Petrochemical hub and the energy gateway of the East. In a major breakthrough in the Petrochemical sector, the HLCA gave its nod to two giants for setting up their projects at Odisha. With the grounding of these two mega Petrochemical projects, the downstream and ancillary petrochemicals units will flourish in the state. These mega projects will ensure the availability of building blocks to the downstream units in Chemical and Petrochemical sectors, making it the Energy Gateway of the East. Both the projects being port-based would also facilitate export and import trading.
The Odisha government has approved five investment proposals envisaging an investment of Rs. 2,04,069 Crore in the 20th High-Level Clearance Authority (HLCA) meeting held under the Chairmanship of Chief Minister, Naveen Patnaik in newly inaugurated Kharavela Bhavan conference hall today. This is the highest ever investment approved by the HLCA so far.
The mega project is of M/s Haldia Petrochemicals Ltd (HPL) to set up a Hydrocarbon processing complex comprising of light crude oil refinery, Aromatics complex, and Ethylene Cracker Complex near the proposed Subarnarekha port, Dist- Balasore with a total investment of Rs. 78,225.00 Crores, providing job opportunities for around 10,000 people.
The second proposal was by the petrochemical major, M/s Indian Oil Corporation Limited to expand its existing Refinery unit from 15 MMTPA to 25 MMTPA, and setting up of a Petrochemical complex comprising a Dual Feed Cracker, Naphtha cracker, and Petcoke Gasification Plantat Paradip, Dist: Jagatsinghpur with a total investment of Rs.1,00,300 Crores, employing around 12,595 people. The project will ensure the availability of building block feedstock to ancillary and downstream units in the Chemical and Petrochemical sector.
Another proposal by IOCL, to set up 1.2 MMTPA capacity of PX-PTA (Purified Terephthalic Acid complex) with an investment of Rs 9,136 Crore in its existing Paradip refinery, employing around 3,200 people, has also been approved in the meeting.
Amongst others, the HLCA approved the proposal of M/s Jindal (India) Limited in the metal downstream Sector. The company proposes to set up a Cold Rolling Complex of 0.50 MTPA and Steel Processing Plant at Kalinga Nagar Industrial Complex, Dist. Jajpur, with a total investment of Rs. 1,676 Crores, providing employment to about 1,300 people.
Also, the proposal by M/s Talcher Fertilizer Ltd to set up a Coal based Urea Fertilizer complex of capacity 1.99 MMTPA at Talcher, Dist- Angul with the investment of Rs. 14,732 Crores, employing around 550 people was also approved.
With the enormous success of two mega investment conclaves (Make in Odisha 2016 & Make in Odisha 2018), along with its proactive business-friendly policy framework, single-window mechanism and one-stop-solution for investment has made Odisha the preferred investment destination of East.