One Lac Cr for the Oil sector in Odisha: Dharmendra Pradhan

Bhubaneswar:Odisha will get Rs 1lac Cr of investment in the oil sector that will enrich the state’s economic profile and will ensure significant growth in job generation for the youths. Rs 34,000Cr is already engaged in the Paradip Refinary in addition to it there will be big investments in oil and gas sectors. An underground strategic oil reserve at Chandikhol is also in the plan. A good amount will be spent in skill development project too.
The union Minister of State for petroleum and Natural gas Dharmendra Pradhan, on Friday called on Odisha Chief Minister Naveen Pattnaik with the plans before he spoke out to media that center would invest one lac Crore iof Rupees in five years in the petro sector of Odisha and Odisha with a rare feat of having gas supply from all three sources – – imported LNG, domestic natural gas and Coal Bed Methane (CBM) would become the ‘energy gateway’ in the eastern India.
“Paradip refinery has got Rs 34000Cr,” says the oil minister and “would be commissioned early next year” with 15 MT capacities Pradip refinery of the Indian Oil Corporation Ltd (IOCL) would be the biggest in Asia of its kind.
A Petroleum, Chemical, Petrochemical investment Region (PCPIR) proposed at Paradip will come off soon that will stimulate host of ancillary and downstream activities in the Region. IOCL will invest 3150 Cr to set up a polypropylene unit, described Mr Pradhan.
He also said,” Government will establish an underground strategic oil reserve at Chandikhol for 3800 Cr. with a reserve capacity of 3.7MT to meet 8days’ need in emergency.400 acre of land will be needed for the project as he added that he had sought all support from the state government regarding land , Law and Order , environment clearance etc.