New Delhi [India], April 8 (ANI): Indian Oil Corporation Ltd (IndianOil) has signed a Memorandum of Understanding with the Odisha government to set up a world-class petrochemical complex at Paradip.

The MoU was exchanged in the presence of Petroleum Minister Hardeep Puri and Odisha Chief Minister Mohan Charan Majhi here in the national capital.

With an investment of Rs 61,077 crore, this marks IndianOil's largest-ever investment at a single location, the state-owned oil marketing company said in a statement Tuesday.

The upcoming complex at Paradip will house a dual-feed cracker and associated downstream units for the production of a wide range of petrochemicals, including phenol, polypropylene (PP), isopropyl alcohol (IPA), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), phenol, and butadiene.

According to IndianOil, these products will serve as key raw materials for specialty chemical sectors like pharmaceuticals, agrochemicals, coatings, and adhesives, significantly reducing import dependency and supporting the self-reliant India and Make in India missions.

Minister Puri, on the occasion, said, 'This state-of-the-art petrochemicals hub will catalyse the development of Paradip Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) and create direct and indirect employment opportunities in the region.'

Addressing the gathering, Union Minister Dharmendra Pradhan, who was also present, shared, '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 hub of energy transition in the world.'

Appreciating the investments in the state, Chief Minister Majhi remarked that the partnership will catalyse Odisha's industrial growth, generate employment, and make the state a top investment destination.

AS Sahney, Chairman, IndianOil, said this project in Odisha builds on IndianOil's existing 15 million tonne per annum refinery-cum-petrochemical complex at Paradip and will boost downstream industries and MSMEs across the eastern part of India. (ANI)