BHUBANESWAR: Prime Minister Narendra Modi will inaugurate IOCL's 15 MMTPA state-of-the-art refinery at Paradip in January next year, Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan today said.
"IOCL has so far invested Rs 35,000 crore in the refinery project at Paradip. Prime Minister Narendra Modi will inaugurate the project in the last week of January, 2016," Pradhan said while speaking at a round table discussion here. Stating that IOCL would invest another Rs 30,000 crore to Rs 40,000 crore, Pradhan said his Ministry planned an investment of Rs one lakh crore in Odisha.
He said the state has huge potential to grow in terms of economic activities as Odisha has good amount of natural gas reserves, was rich in mineral deposits and has a vast coastline. "When the world is facing economic slowdown, Indian economy is the only ray of hope for all. Odisha should take benefit of the situation," Pradhan said.
Odisha also has adequate human resource and better law and order situation in comparison to other states, the Union Minister said calling upon the state government to take advantage of the situation and turn Odisha as a business destination.