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Rs 30,000 Cr Allotted For SME Development Inside Petrochemical Sector

Mr. Dharmendra Pradhan, Petroleum Minister, noted that Indian Oil Corp (IOC) has already commissioned a 15-million tonnes per annum oil refinery at Paradip port town on the Odisha coast at an investment of Rs 35,000 crore.

Over Rs 30,000 crore can be invested over a two-12 months interval to arrange SMEs in the petrochemical sector in japanese India, Union Petroleum Minister Dharmendra Pradhan mentioned.

This was stated on the sidelines of the Petrochemical Early Investors Conclave. Mr. Pradhan said that over one lakh employment opportunities are likely to be generated in India’s jap area.

Addressing the inauguration occasion, the minister famous that state-run Indian Oil Corp (IOC) has already commissioned a 15-million tonnes per annum oil refinery at Paradip port town on the Odisha coast at an investment of Rs 35,000 crore.

He said IOC had signed another MoU with MCPI Ltd for setting up a textiles park in the state.
“The polyester downstream business can flourish very edible oil refinery kanpur nicely in the japanese region as effectively,” Pradhan said.

“By reaching synergy of cotton fibre with polyester fibre to advertise and popularise artificial textiles, the textiles park will primarily benefit MSMEs (micro, small and medium enterprises) with employment potential of around 22 lakh,” he stated.

IOC can also be setting up a brand new polypropylene unit of seven hundred kilo tonnes per annum capability at a cost of Rs three,one hundred fifty crore, which is slated to be commissioned at Paradip Refinery in 2018 to help the polymers and plastics trade, he added.

Pradhan additionally said that the Chemicals and Petrochemicals Division would take up equity of an quantity of Rs forty crore in a Rs a hundred-crore special objective automobile (SPV) to set edible oil refinery kanpur up a plastic park at Paradip in collaboration with the Odisha government.

The Union Petroleum Ministry has also determined to affix the SPV following a request from the state authorities, while the quantity of fairness could be determined soon.

Posted by SMEStreet Desk
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