Now, Odisha Aims To Become Petrochemical & Chemical Powerhouse

After steel, iron ore, bauxite and aluminium leadership, the BJP-run Odisha government is now on a mission mode to make the state a world class petrochemical and chemical sector power house. Towards this mission, the state government has recently signed three important MoU’s at the investor meet in New Delhi. It signed a MoU with Indian Oil Corporation (IOC) to set up a world class Petrochemical Complex at Paradeep involving an outlay of Rs 61,077 crore. When completed, the Complex will feed key raw materials for sectors like pharmaceuticals, coatings, adhesives and others. The objective of this new initiative seems to be three-fold. One, doing away with import dependency; two, boosting downstream industries vis a vis MSMEs; and three, positioning Paradeep as a strategic petrochemical hub in eastern India. Besides, the state has signed a MoU with the Indian Strategic Petroleum Reserves for establishing 4 MMT crude oil storage capacity in Jajpur district which is 90 km away from Paradeep port. Similarly, the state has also signed a MoU with Petronet LNG for setting up a 50,000-MT land-based LNG Terminal at Gopalpur Port in Ganjam district making it the first such facility on India’s East coast. The industry bodies have hailed the state government’s vision to make Odisha a hub for petrochemicals, energy, logistics and manufacturing at a time when global players are looking at India favourably for long term investments. With Odisha’s BJP government going full throttle, Naveen Patnaik’s BJD seems to be taking a pot shot at the chief minister Mohan Charan Majhi saying that the BJP government is merely re-signing the contracts and MoUs that were put in place by Naveen babu.