IOCL Paradeep refinery to go on stream in early 2015.

The 15 million tonne oil refinery of Indian Oil Corporation Ltd. (IOCL) at Paradeep running behind schedule, is gearing up for commissioning by early 2015.

'The IOCL refinery at Paradeep, the largest in the public sector, is nearing completion. The refinery would be commissioned by early 2015,' Union minister for petroleum & natural gas Dharmendra Pradhan said.

He said, Rs. 34,000 crore has already been invested on the IOCL refinery.

IOCL had signed a memorandum of understanding (MoU) with the state government in February 2004 to set up a 15 million tonne refinery along with a petrochemical complex at Paradeep envisaging a total investment of Rs. 60,000 crore.

While IOCL went ahead with its refinery project, it had kept in abeyance the petrochemical complex, citing financial constraints.

Asked on the petrochemical complex, Pradhan said, 'The polypropylene unit of the petrochemical chemical complex would be inaugurated next month.'

The polypropylene unit would cost Rs. 3,150 crore. Earlier, Pradhan met chief minister Naveen Patnaik and reviewed the status of IOCL refinery and the upcoming PCPIR (petroleum, chemicals and petrochemicals investment region) hub. The PCPIR is planned across 284 sq km in Kendrapara and Jagatsinghpur districts and is expected to attract investments to the tune of Rs. 2.74 lakh crore.

BS