Odisha assures cooperation to Taiwanese investors for petrochemical project

Bhubaneswar: Odisha government today positively assured the Taiwanese investors for the proposed petrochemical cracker unit project in Paradip.

The Rs 43,000 crore-project will come up at Paradip Refinery in Odisha’s port town.

In this regard, the Taiwanese delegation led by CPC Corporation President Shun-Chin Lee met Odisha Chief Minister Naveen Patnaik at State Secretariat here today.

Welcoming the delegation, Patnaik said that the proposed project will help in setting up petroleum downstream industries in Paradip.

A task force headed by Chief Secretary will be formed to provide necessary assistance for the proposed project, he said.

There is huge opportunity in Odisha to set up industries. Odisha is among top three States in live manufacturing investment and project implementation. According to State’s Industrial Development Plan – 2025, the chemical and petrochemical have been found among top six focused sectors. The State will provide business friendly environment, infrastructure and efficient human resources for the development in these sectors, the CM said.

He hoped that the trade partnership between Odisha and Taiwan in several sectors will be healthy in future.

The meeting with Patnaik was held a day after Taiwan’s state-owned firm CPC Corporation proposed to invest USD 6.6 billion (Rs 43,000 crore) in petrochemical project in Paradip using feedstock from Indian Oil Corporation (IOC).

The Taiwanese delegation comprising CPC Corporation President Shun-Chin and members from Taiwan Petrochemical Alliance (TPA), visited Paradip Refinery on Wednesday following meeting with the Union Petroleum & Natural Gas Minister Dharmendra Pradhan and IOC Chairman Sanjiv Singh on Tuesday in New Delhi.