Bhubaneswar: The Indian Oil Corporation Limited (IOCL) has decided to expand its existing refinery unit at Paradip by setting up a mega petrochemical complex with an investment of Rs 1,00,300 crore and a PX-PTA Complex at over Rs 9,136. 90 crore.
The IOCL has now 11 refineries in the country with a combined capacity of 80.7 million metric tonne per annum (MMTPA). It recorded a turnover of Rs 6,05,924 crore and a net profit of Rs 16,894 crore in 2018-19.
The 15-MMTPA Paradip Refinery will be expanded to a 25-MMTPA unit for which it requires about 4200 acres of land. Both Government and private lands are available at the site.
This expansion will create new employment opportunities for nearly 6,000 people. After expansion, there would be direct and indirect job opportunities for over 12,500 people.
It has also proposed to set up PX Purified Terephthalic Acid (PX-PTA) plant with an capacity of 1.2 MMTPA in the refinery complex at an invest Rs 9,136.90 crore. This project will create direct and indirect employment opportunities for 3,200 people.