The Odisha Government has invited Korean companies to invest in the Petroleum Chemicals and Petrochemicals Investment Region (PCPIR) at Paradip in the State.
It is an ideal destination for companies in the petroleum, chemicals and plastics sectors globally to invest and grow, said Industries Department Secretary Sanjeev Chopra at a session on investment opportunities in Paradip PCPIR at the second India-Korea Business Summit 2018 in New Delhi on Tuesday.
Chopra said the PCPIR at Paradip offers multiple strategic advantages such as easy availability of raw material for chemical and petrochemical downstream industries, sufficient port capacity to import feedstock, industry-ready labour pool and competitive power tariff and water availability.”
The PCPIR is being developed in Paradip to provide a healthy business environment, promoting and attracting exclusive investments in the petroleum, chemicals, petrochemicals and allied sectors. It is one of the four proposed PCPIRs in India and is located near Paradip Port, one of the largest freight ports in India and the gateway to all the markets in the Indo-Chinese region and eastern Asia, he said.
He added that chemicals, plastics and petrochemicals are also one of the focus sectors in the Odisha Industrial Development Plan: Vision 2025.
“Keeping in mind the rising demand of petroleum, chemical and petrochemical products, we have identified large opportunities in the sector and are currently developing world class infrastructure at Paradip PCPIR for the growth of allied industries. “The project is also expected to create more than 6 lakh direct and indirect employment opportunities,” he added.
With an investment of Rs 13,643 crore and spread over an area of 284 sq. km with 123 sqkm of processing area exclusively for industrial and associated development, PCPIR at Paradip offers fully developed ecosystem comprising of fertiliser units, manufacturing units and large availability of feedstock.
India’s biggest state-owned oil and gas corporation, Indian Oil Corporation limited, is
the anchor tenant with 15 MMTPA refinery under operation while other major companies present in the region are IFFCO, Paradeep Phosphates, Skol Breweries and Essar to name a few.