BHUBANESWAR: National oil major Indian Oil Corporation Limited (IOCL) will collaborate with Industrial Infrastructure Improvement Company of Odisha (IDCO) as an fairness accomplice for establishing a Plastic Park at Paradip.A memorandum of understanding was signed between IDCO and IOCL at the Petrochemical Investors Conclave here on Thursday in the presence of Union Minister for Petroleum and Natural Fuel Dharmendra Pradhan.
The proposed plastic park, which will host downstream plastic processing industries, has already received a grant-in-assist of `forty crore from the Ministry of Chemicals and Fertilisers. It will even supply an assured market to IOCL’s refinery products, Pradhan stated.After commissioning a state-of-the-art refinery of 15 million tonnes per annum capacity with an funding of `35,000 crore, IOCL is also establishing a seven hundred KTA (kilo tonnes per annum) polypropylene unit close to the refinery to be commissioned in 2018. The polypropylene unit will serve as a mom plant for ancillary items to return up on the park, he said.
The polypropylene grades to produced from the plant can be used as inputs by down-stream polymer processors to provide packaging luggage for cement and fertiliser models, moulded furniture packaging movie for textiles and meals gadgets.Indian Oil signed another MoU with MCPI Ltd. for establishing a Textiles Park in Odisha. With the developing of an MEG (Mono Ethylene Glycol) Unit at Paradip refinery and availability of PTA (Purified Terephthalic Acid) at Haldia in West Bengal, the polyester downstream trade can flourish very well in japanese region a effectively, Pradhan stated.
A synergy of cotton fibre with polyester fibre to promote and popularise synthetic textiles and the manufacturing items of the textiles park could be linked to Bangladesh and Myanmar. This can create big employment alternative for the State, he added.
The Nationwide oil PSU signed one other MoU with Institute of Chemical Know-how (ICT), Mumbai for setting up an ICT campus in the city. ICT will play a pivotal position by extending its experience to plastic processing industries.
The Union Minister additional said CIPET, Bhubaneswar is setting up an exclusive service centre in Siju village close to Paradip. The centre will provide technical help service to new plastic industries.