New Delhi: Indian Oil Corporation (IOC), Petronet LNG Ltd (PLL), and Indian Strategic Petroleum Reserves Ltd (ISPRL) have signed three strategic Memorandums of Understanding (MoUs) with the Odisha government at the Odisha Investors’ Meet held in New Delhi on Tuesday. The agreements, which span across various sectors of the energy and petrochemical industries, mark a significant step in strengthening India’s energy infrastructure and reducing dependency on imports.
The first MoU, signed by IOC and the Odisha government, outlines the establishment of a world-class Petrochemical Complex at Paradip with an investment of ₹61,077 crore. This marks Indian Oil’s largest-ever investment at a single location and will serve as a transformative step in India’s petrochemical and industrial growth. The complex will produce a wide range of essential petrochemical products, such as Phenol, Polypropylene (PP), Isopropyl Alcohol (IPA), High-Density Polyethylene (HDPE), and more, which will reduce import dependency and support India’s Aatmanirbhar Bharat and Make in India missions.
A second MoU was signed by Petronet LNG Ltd (PLL) with the Odisha government for the establishment of a 50,000 MT capacity land-based LNG Terminal at Gopalpur Port in Ganjam district. This project aims to boost the country’s LNG import infrastructure and further energy security.
The third MoU, between ISPRL and the Odisha government, is aimed at the establishment of 4.0 MMT capacity crude oil storage facilities in Jajpur district. These storage facilities will significantly enhance India’s crude oil reserves and contribute to greater energy security.
Minister for Petroleum and Natural Gas, Hardeep Singh Puri, emphasized the importance of these projects, stating, “These projects will prove to be game-changers for import substitution, reducing dependency on imports while strengthening India’s energy and petrochemicals infrastructure.”
The Paradip petrochemical complex, which will be integrated with Indian Oil’s existing 15 MMTPA refinery-cum-petrochemical complex at Paradip, is expected to create significant employment opportunities in the region, fostering the growth of downstream industries and MSMEs across eastern India. This ambitious project is set to further catalyse the development of the Paradip Petroleum, Chemicals & Petrochemicals Investment Region (PCPIR), making Paradip a hub for India’s growing petrochemical industry.
