Bhubaneswar:The Odisha finance minister, Shashi Bhushan Behera, Thursday said that the Indian Oil Corporation of Ltd. (Iocl) should participate in the Special Purpose Vehicle(Spv) created for development of Petroleum, Chemicals and Petrochemicals Investment Region (Pcpir) at Paradip.

The minister said the Iocl should also participate in the Paradip Plastic Park by chipping in equity for the project. Besides, he added, an attractive pricing mechanism for feedstock needs to be worked out by Iocl to incentivise units to be set up at Paradip Pcpir.

He said that the state government has also requested the ministry of chemicals for providing budgetary support of at least Rs 3000 crore to take up necessary infrastructure development in the region.

Behera, while addressing the Petrochemical Investors’ Conclave, here on Thursday, said that the Iocl would complete Polypropylene, MEG, Paraxylene-PTA Complex and Petcoke Gasification projects as per schedule and operationalize the same in line with the commitments made to fulfill the aspirations of the people of Odisha.

“This will not only spur significant industrial growth in the region but will also
contribute to the overall socio-economic development of the state”, he said assuring,  “The state government is
committed to provide active support for the completion of these projects”.

The Industrial Policy Resolution 2015 of Government of Odisha recognizes petrochemicals
as a Priority Sector and a number of attractive fiscal and non-fiscal incentives for promotion and
development of this sector have been provided in the policy. Special emphasis is being laid by the
state government for the development of the Pcpir at Paradip,  Behera said.
Giving a growth report, Behera said that the state has been consistently ranked amongst
the top three States in the country in terms of attracting live manufacturing investments. Live
Investment Growth, year on year, from 2015-16 to 2016-17 for Odisha was 16.5%, whereas the
same stood at 4.6% for India.
The Petrochemical Investors’ Conclave titled “Purvodaya” was inaugurated by union petroleum minister Dharmendra Pradhan while Odisha MSME minister Prafulla Samal attended as honorable guest. The conclave has been a platform for investors to interact and exchange ideas with successful business leaders. The conclave aims to
enlighten the investors to participate in growth of petrochemical along with plastic and textile
industries in Eastern India. Business Leaders, representatives of financial institutions, start up
incubators and government officials participated in the Conclave.