PARADIP: Indian Oil Corporation Ltd (IOCL) on Wednesday said it has made a cumulative investment of around Rs 43,359 crore at Paradip to strengthen the port town’s position as an integrated energy and petrochemical hub while generating livelihood opportunities for over 12,500 people in and around the region.
The investment includes Rs 34,555 crore in the state-of-the-art Paradip Refinery units, Rs 3,150 crore in the polypropylene plant and Rs 5,654 crore in the mono ethylene glycol (MEG) plant. Besides, the company is investing Rs 13,805 crore in the ongoing paraxylene-purified terephthalic acid (PX-PTA) project at Paradip to further strengthen the petrochemical value chain.
On the day, the IOCL announced its plans to invest around Rs 4,382 crore in Bhadrak textile park project through a joint venture with MCPI Private Ltd to promote Odisha’s textile sector. The company is also planning a major investment of Rs 1,064 crore for the hydroprocessed esters and fatty acids (HEFA)-based sustainable aviation fuel (SAF) project through a joint venture with M11 Energy Transition Pvt Ltd, aimed at producing cleaner aviation fuel.
These investments reflect IOCL’s vision of transforming Paradip into a globally competitive energy and petrochemical destination. During 2025-26 financial year, Paradip Refinery achieved its highest-ever crude processing capacity of 16.35 million metric tonne.
The refinery also commissioned the standby sulphur recovery unit-III and the new hydrogen generation unit. The 1.2 million metric tonne per annum purified terephthalic acid (PTA) unit under the PX-PTA project is nearing completion.
Paradip Refinery supports more than 12,500 people, including skilled and unskilled workers, contractors and supply chain partners. The IOCL has undertaken various skill development and capacity-building programmes to create employment opportunities for local youths.
In 2025-26 financial year, Paradip Refinery contributed more than `30,392 crore to the state and central exchequer through various duties, taxes and levies.
Executive director and head of Paradip Refinery Kausik Basu said, “Paradip Refinery stands as a beacon of industrial excellence, innovation and inclusive growth. Indian Oil’s continued investments at Paradip reaffirm its commitment to developing the region into a world-class integrated refinery and petrochemical hub that strengthens India’s energy security and accelerates sustainable development.”