29 October 2007 15:46 [Source: ICIS news]
MUMBAI (ICIS news)--India's Orissa state plans to submit its first application for pre-scrutiny to the central government for its petroleum, chemicals and petrochemical investment region (PCPIR) at Paradeep in the next two weeks, a senior state government official said on Monday.
“IOC (Indian Oil Corp) has been identified as the anchor investor for the PCPIR and IDCO will be the nodal agency,” Vishal Dev, managing director, Orissa Industrial Infrastructure Development Corp (IDCO) told ICIS news at the sidelines of the Asian Chemical and Petrochemical Investment Conference.
IOC is looking at increasing its refining capacity to 15m tonnes/year and setting up an integrated refinery-cum-petrochemical complex at an investment of around $6bn, which is proposed to be commissioned by 2011-2012, he added.
It also proposes to build storage of 15 tanks, each of a 60,000 kilolitres capacity, he said.
The region’s existing industrial base includes IFFCO’s Paradeep unit, Paradeep Phosphates Limited and Paradeep Carbons Limited, Dev said.
The state is aiming for the region to target sectors such as electronics, packaging, pipes, textiles, detergents, fertilizers and paints.
The Orissa government has identified nearly 61,800 acres of land around Paradeep to set up the proposed PCPIR, with 26,000 acres as the area of the processing zone, Dev said.
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