IOCL chairman Arvinder Singh Sahney having a discussion with Chief Minister Mohan Charan Majhi at Lok Seva Bhawan in Bhubaneswar on 24 Dec 2024 (Photo | Express)

Indian Oil Corporation (IOCL), India's largest oil refiner, has announced a significant investment of approximately $7 billion (INR 61,000 crore) in a new naphtha cracker project in Paradip, Odisha. This project represents a major step in expanding India's petrochemical production capacity and boosting economic development in the region.

The naphtha cracker unit will be located at IOCL's existing refinery complex in Paradip. This strategic location offers synergies with the existing infrastructure and feedstock supply. The project is expected to create numerous jobs during construction and operation, contributing to local employment and economic growth. The investment proposals is part of Paradip refinery capacity expansion from 15 million tonne per annum (MTPA) to 25 MTPA.

This investment underscores IOCL's commitment to meeting the growing demand for petrochemicals in India. The naphtha cracker will produce key building blocks for various downstream products, serving industries ranging from plastics and packaging to textiles and automotive. This project will reduce India's reliance on imports for these crucial materials.

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