The Indian Oil Corporation Ltd (IOCL) recently signed two agreements at the Petrochemical Investors Conclave in Bhubaneswar. The first was with the Industrial Development Corporation of Odisha (IDCO) to set up a plastic manufacturing park in Paradip and the second with purified terephthalic acid manufacturer MCPI Ltd for a textile park in Odisha. The proposed textile park will popularise synthetic textiles and benefit micro, small and medium enterprises by employing up to 22 lakh people.
IOCL is setting up a polypropylene unit at the Paradip Refinery with a capacity of 700 kilo tonnes per annum. To be commissioned in 2018, this will serve as a mother plant for downstream polymer or plastics ancillary units. With the coming up of an mono ethylene glycol (MEG) unit at the Paradip Refinery and availability of purified terephthalic acid in east India, the polyester downstream industry can flourish very well in eastern region as well, said Union Petroleum Minister, Dharmendra Pradhan.