Odisha government sanctions exemption of electricity duty on IOCL Paradip Refinery

Bhubaneswar : In a big development, exemption of electricity duty on power consumption in favour of Indian Oil Corporation Limited (IOCL), Paradip Refinery unit basing on Memorandum of Understanding (MoU) between State Government and IOCL has been approved today in Odisha cabinet.

Indian Oil Corporation, a Central Government Public Sector Unit had entered into a MoU for setting up of 9 MTPA crude oil refinery at Paradip of Jagatsinghpur district. As per the provision made in the memorandum the electricity duty for 5 years is to be exempted by State Government to encourage the unit.