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India is the fourth largest consumer of crude oil and petroleum products in the world. India is also the third largest producer of chemicals in Asia.
The sector has been growing significantly over the past few years. This can be substantiated by the 400% increase in the value of chemical exports from Odisha over years the last 2 years (2013-14 and 2012-13). PCPIR region in Paradip is being developed as world class infrastructure to provide a conducive business environment and promote and attract exclusive investments in the Petroleum, Chemicals, Petrochemicals and allied sector. It is one of the only four proposed PCPIRs in India and is also located near one of the largest freight ports in India, which provides a gate way to all the markets in Indo-China and eastern Asia.
Spread across an area of nearly 68,000 acres and with envisaged investment of USD 43.74 billion in numerous sectors such as Petroleum & Petro-Chemicals Sector, Chemicals & Fertilizers, Ancillary Sectors, Housing & Allied Infrastructure and External Infrastructure and it is one of the largest integrated investment regions in India.
Indian Oil Corporation Limited (IOCL), India’s biggest state-owned oil gas corporation is the anchor tenant of the project and has also committed to Petrochemical feedstock such as Polypropylene, Mono Ethylene Glycol, Paraxylene-Purified Terephthalic Acid (PTA) Complex and Petcoke Gasification from its refinery. The development shall be State-of-art with a combination of production units, public utilities, logistics, environmental protection mechanisms, residential areas and administrative offices and robust Infrastructure with efficient road network, effective water supply system and all modern facilities. The Industrial Policy also recognizes the sector as a Priority Sector and will incentivize all investments in this sector.
Further details and information about the sector and incentives are available in the detailed profile.