Odisha assures support to Taiwanese investors for petrochemical project

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Bhubaneswar : The Odisha government on Thursday assured Taiwanese investors of its cooperation for the proposed Rs 43,000 crore petrochemical cracker unit project in Paradip.

Taiwan's state-owned firm "CPC Corporation" proposes to invest $6.6 billion (Rs 43,000 crore) in the petrochemical project in Paradip using feedstock from Indian Oil Corporation Ltd (IOCL).

A Taiwanese delegation led by CPC Corporation President Shun-Chin Lee on Thursday met Odisha Chief Minister Naveen Patnaik here.

Patnaik said that a high-level task force headed by the Chief Secretary will be formed to provide necessary assistance for the proposed project, which will help in setting up petroleum downstream industries in Paradip.

"CPC Corporation is a prominent petroleum and petrochemical company of Taiwan like our Indian Oil Corporation Ltd (IOCL). The delegation has come to India for inspecting various sites for establishing their naphtha cracker unit," said Chief Secretary A.P. Padhi.

The delegation had on Wednesday visited Paradip to inspect the infrastructure facilities at the site for the proposed investment following a meeting with Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Tuesday in New Delhi.

"The state government has assured them that the required infrastructure including land, water, and electricity will be provided," said Padhi.

Lee said, "We propose to invest in India for which we are exploring various sites. This mega project is estimated at $6.6 billion, equivalent to Rs 43,000 crore. We hope the state government here will help us."