IOCL Chairman discusses major projects with Odisha CM Mohan Charan Majhi

Bhubaneswar, Dec 24: The Chairman of Indian Oil Corporation Ltd. (IOCL), A.S. Sahney, met with Chief Minister Mohan Charan Majhi at Lokseva Bhawan to discuss the progress of various ongoing and upcoming projects by IOCL in Odisha.

During their meeting, it was confirmed that the IOCL and the Odisha Government will sign a memorandum of understanding for the Naphtha Cracker Project in Paradeep in January. This significant project has received in-principle approval, with IOCL committing to invest over Rs 61,000 crore, positioning it as one of the largest projects in the sector nationwide. The State Government will be an equity stakeholder in the project, benefiting from both dividends and tax revenues.

Additionally, it was announced that the foundation for a new Yarn project in Bhadrak will also be laid in January, with an investment of Rs 4,352 crore. This project is expected to foster the establishment of large-scale garment manufacturing units in the region, creating substantial employment opportunities for local youth.

The meeting also highlighted the ongoing Px-PTA (Para-xylene Purified Terephthalic Acid) project, which is slated for commissioning by June 2025. Other projects discussed included a floating solar initiative and an ethanol project in the state.

The discussion included key officials such as Industries Minister Sampad Chandra Swain, Chief Secretary SManoj Ahuja, Additional Chief Secretary to the CM Nikunja Bihari Dhal, and Industries Principal Secretary Hemant Sharma. IOCL Executive Director Abhijit Chakraborty and CGM Dhananjaya Sahoo also accompanied the IOCL Chairman.