IndianOil to set up Petrochemicals
IndianOil has partnered with the Odisha government through a signed Memorandum of Understanding to build a top-tier global petrochemical complex in Paradip. The agreement was formalized in New Delhi on April 8th, with Petroleum Minister Hardeep Puri and Odisha Chief Minister Mohan Charan Majhi present. This venture, involving an investment of ₹61,077 crore, marks IndianOil’s largest ever expenditure at one location, the company has announced.
The state-run oil marketer has identified Paradip as the location for its new complex, a development revealed in a Tuesday statement. This future site will house a dual-feed cracker and related downstream operations, facilitating the production of a wide array of petrochemicals, notably phenol, polypropylene (PP), isopropyl alcohol (IPA), high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), and butadiene. IndianOil foresees these outputs as critical feedstocks for specialty chemical industries.
Serving as fundamental inputs, these produced materials will cater to various specialized chemical sectors, including pharmaceuticals, agrochemicals, coatings, and adhesives. This initiative is projected to significantly curtail India’s dependence on international supplies and bolster the national “Self-Reliant India” and “Make in India” missions.
Speaking at the inauguration, Minister Puri emphasized that this advanced petrochemical center would stimulate the expansion of the Paradip Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR). Additionally, it is expected to generate substantial direct and indirect employment within the area.
IndianOil Share Price
Indian Oil Corporation’s (IOC) stock on on NSE is trading at ₹130.95. This represents a gain of ₹2.23, which translates to a positive percentage change of +2.23%. The day’s trading range for IOC’s stock has been between a low of ₹128.20 and a high of ₹131.72. The stock opened the day at ₹129.48, and its previous closing price was ₹128.09. This information suggests that the stock has experienced positive movement during the trading day.
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