23 August 2010 09:14 [Source: ICIS news]
MUMBAI (ICIS)--The Indian government has approved a proposal to set up a petrochemical hub in Paradip, Orissa state, a source at the Ministry of Chemicals and Fertilizers said on Monday.
“The proposal [from the Orissa state government] has been approved by the Cabinet Committee On Economic Affairs, which means work on the project can commence soon,” the source said but did not reveal when the approval was given.
The Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) project was expected to attract multibillion dollar in investments, the source added.
Orissa is the fourth state after Andhra Pradesh, Gujarat and West Bengal to have obtained approval to set up a PCPIR
The first phase of the project was expected to be completed by 2015, while the entire PCPIR would be commissioned by 2030, the source said.
Indian Oil Corp (IOC) has already been confirmed as an anchor tenant of the petrochemical hub.
IOC plans to set up a 15m tonne/year refinery and petrochemical complex in Paradip by the first quarter of 2012.
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