IOCL To Invest ₹61,077 Crore In India’s Largest Naphtha Cracker Plant In Odisha

Bhubaneswar: Indian Oil Corporation Ltd (IOCL) will invest ₹61,077 crore to set up India’s largest dual-feed naphtha cracker plant near its Paradip refinery. The announcement was made during the Odisha Investors’ Meet held in New Delhi.

Union Education Minister Dharmendra Pradhan shared the news on X, saying Odisha is on track to emerge as India’s next major hub for petroleum, chemicals, and petrochemicals. The naphtha cracker project, with a capacity of 1.5 million tonnes, is expected to be completed within 4 to 5 years, IOCL Chairman Arvind Singh Sahney said.

Pradhan also revealed that Indian Strategic Petroleum Reserves Limited (ISPRL) plans to build a crude oil storage facility at Chandikhol, while Petronet LNG Ltd has shown interest in setting up an LNG terminal at Gopalpur.

“These projects will significantly boost Odisha’s industrial growth, create massive employment opportunities, and mark a major step towards a Viksit Odisha, Viksit Bharat,” Pradhan said. He thanked Union Minister Hardeep Singh Puri, IOCL, Petronet LNG Ltd, and other stakeholders for their commitment and investment.

Highlighting the state’s economic trajectory, Pradhan added, “Odisha has attracted over ₹2.04 lakh crore in petroleum sector investments in the last decade. Under PM Modi’s vision and CM Mohan Majhi’s leadership, we aim to transform Odisha into a global energy transition hub. I also urge the CM to launch a new bio-gas policy to further strengthen the Swachh Bharat mission.”

Chief Minister Mohan Charan Majhi also expressed enthusiasm on X:

“Honoured to witness the signing of MoUs with top industry leaders alongside Hon’ble Minister Shri Sampad Swain. These partnerships will drive Odisha’s industrial expansion, generate jobs, and reinforce our goal to make the state a premier investment destination.”