Bhubaneswar Buzz

Business delegation from Taiwan proposed to set up petroleum cracker plant in Paradip with an investment of Rs 43,000 crore

pic courtesy : CPC corporation Taiwan

As mentioned in this article from telegraph, A business delegation from Taiwan on Thursday proposed to set up a petroleum cracker plant in Paradip with an investment of Rs 43,000 crore.

The state government assured the delegation that it would provide all basic infrastructure such as land, electricity and water to its proposed unit.

The investment offer was made by the business delegation, led by CPC Corporation president Shun Chin Lee, during their meeting with Odisha chief minister Naveen Patnaik on Thursday. Lee gave the outline of the proposed project.

Welcoming the offer, Naveen said: “The establishment of the proposed industry will be helpful for setting up downstream industries in the petroleum sector.”

The Taiwanese delegation visited Paradip on Wednesday and held discussions with the Indian Oil’s officials. Earlier, they had visited several other states for scouting suitable location, official sources said.

“The delegation from the Taiwan Petrochemical Alliance explored the viability of Paradip as the site for the proposed Greenfield unit. As the oil refinery is in operation, Paradip has locational advantage and best suited for the proposed unit,” said a refinery official.

On Tuesday, the Taiwanese delegation met Union petroleum minister Dharmendra Pradhan.

The proposed cracker plant will have several downstream units for production of a diverse spectrum of petrochemical intermediates and end-products.