The Indian Oil Corporation limited (IOCl) and the Institute of Chemical Technology (ICT), Mumbai signed an MoU here on Thursday for establishing an ICT campus in Bhubaneswar. Besides, the IOCl also signed an MoU each with the Idco (Industrial Infrastructure Development Corporation of Odisha) and the MCPI ltd to set up a Plastics Park at Paradip and a Textiles Park in the State, respectively.
The MoUs were signed at the Petrochemical Investors’ Conclave inaugurated here by Union Petroleum and Skill Development and Entrepreneurship Minister Dharmendra Pradhan in the presence of State Finance and Excise Minister Shashi Bhusan Behera and MSME Minister Prafulla Samal. Over 750 delegates attended the conclave.
Pradhan said India’s petrochemicals sector is going through a golden period with growth rates of 14-15 per cent per annum. Odisha, with ready availability of raw material from Paradip Refinery and other units from all over the country, skilled, low-cost manpower, port infrastructure & rail connectivity and a large regional market, should utilise the opportunity fully to create investment opportunities in the downstream Plastics Park and Textiles Park in the State.
Pradhan said that accelerated development of eastern States is one of the top priorities of the Union Government. While the per capita consumption of plastics in India is only 10 kg as compared to the world average of 32 kg, it 5 kg in eastern India, he said. The conclave is aimed to create a new inspiration and a new ecosystem for the growth of petrochemicals sector in Odisha, generate wealth for a new generation of entrepreneurs and create employment opportunities for the youth of the State on a large scale, he said.
He said the under-construction 700-KTA polypropylene unit at Paradip Refinery, which would commission in 2018, would serve as a mother plant for downstream polymer/plastics ancillary units.
The Textiles Park would majorly benefit Micro, Small & Medium Enterprises (MSMEs), with employment potential of up 22 lakhs, Pradhan said.
He also announced that the CIPET would set up a technology service centre at Paradip to support the development of plastic units there.
Finance Minister Behera said that the State Government is according high priority to the petrochemicals sector, and the IndianOil would play a lead role to play in developing petroleum, chemicals and petrochemicals segments in Paradip.
MSME Minister Samal said the State Government is according top priority for development in Paradip, Dhamra and Bhadrak regions.