IOCL to be equity partner of Paradip Plastic Park – National oil major Indian Oil Corporation Limited (IOCL) will collaborate with Industrial Infrastructure Development Corporation of Odisha (IDCO) – IOCL equity partner Paradip Plastic Park - Arhive

BHUBANESWAR: National oil major Indian Oil Corporation Limited (IOCL) will collaborate with Industrial Infrastructure Development Corporation of Odisha (IDCO) as an equity partner for setting up a Plastic Park at Paradip.A memorandum of understanding was signed between IDCO and IOCL at the Petrochemical Investors Conclave here on Thursday in the presence of Union Minister for Petroleum and Natural Gas Dharmendra Pradhan.

The proposed plastic park, which will host downstream plastic processing industries, has already received a grant-in-aid of `40 crore from the Ministry of Chemicals and Fertilisers. It will also offer an assured market to IOCL’s refinery products, Pradhan said.After commissioning a state-of-the-art refinery of 15 million tonnes per annum capacity with an investment of `35,000 crore, IOCL is also setting up a 700 KTA (kilo tonnes per annum) polypropylene unit near the refinery to be commissioned in 2018. The polypropylene unit will serve as a mother plant for ancillary units to come up at the park, he said.

The polypropylene grades to produced from the plant will be used as inputs by down-stream polymer processors to produce packaging bags for cement and fertiliser units, moulded furniture packaging film for textiles and food items.Indian Oil signed another MoU with MCPI Ltd. for setting up a Textiles Park in Odisha. With the coming up of an MEG (Mono Ethylene Glycol) Unit at Paradip refinery and availability of PTA (Purified Terephthalic Acid) at Haldia in West Bengal, the polyester downstream industry can flourish very well in eastern region a well, Pradhan said.

A synergy of cotton fibre with polyester fibre to promote and popularise synthetic textiles and the manufacturing units of the textiles park can be linked to Bangladesh and Myanmar. This will create huge employment opportunity for the State, he added.

The National oil PSU signed another MoU with Institute of Chemical Technology (ICT), Mumbai for setting up an ICT campus in the city. ICT will play a pivotal role by extending its expertise to plastic processing industries.

The Union Minister further said CIPET, Bhubaneswar is setting up an exclusive service centre in Siju village near Paradip. The centre will provide technical support service to new plastic industries.