Centre seeks Odisha’s views on proposed amendment to PCPIR policy

Reported by Chinmaya Dehury
Bhubaneswar, April 29:

The Union ministry of Chemicals & Petrochemicals has sought comments from the Odisha government over amendments to the existing PCPIR (Petroleum, Chemicals & Petrochemicals Investment Region) policy, 2007 in order to make it more functional by adding some provisions.

“As a result of constant reviews and monitoring of the progress of PCPIRs, a need has been felt to review the existing PCPIR policy to make it more functional by amending the existing provisions and adding a few new provisions,” Avinash Joshi, joint secretary, Ministry of Chemicals & Fertilizers said in his letter to the state Industries secretary Vishal Dev while asking him to send his feedback on the proposed amendments.

The Industry department has sent a copy of the draft policy to IDCO to examine it and give suggestions in this regard.

The PCPIR policy was framed by the Centre to promote investment in the petrochemicals sector and make the country an major hub for both domestic and international markets.

Under the policy, the Centre has set up four PCPIRs in states of Andhra Pradesh, Odisha, Gujarat and Tamilnadu, which are at different stages of implementation.

In Odisha, the PCPIR hub in Kendrapara and Jagatsinghpur districts is expected to draw an investment of about Rs 2.8 lakh crore including a committed investment of Rs 29,777 crore on a 15 million tonne refinery by Indian Oil Corporation Ltd (IOCL), the anchor tenant for the hub.