The exhibition, with over 35 exhibitors, focussed on how the petrochemicals sector caters to a number of other sectors, by providing raw material for clothing, housing, construction, fuiture, automobiles, household items, toys, agriculture, horticulture, irrigation and packaging to medical appliances.Bhubaneswar, Nov 16 (IANS) The Indian Oil Corporation Ltd (IOCL) on Thursday signed two memoranda of understanding (MoUs) to set up a plastic park and textile park in Odisha.The Petrochemical Investors Conclave has been organised to create a new inspiration and a new eco-system for the growth of petrochemicals sector in Odisha, and generate wealth for a new generation of entrepreneurs, while at the same time creating employment opportunities for the youth of the state on a large scale, he said.Odisha Micro, Small and Medium Enterprises Minister Prafulla Samal said that the state govement is according top priority to development of Paradip, Dhamra and Bhadrak regions.IOCL and Industrial Development Corporation of Odisha (Idco) signed an MoU to collaborate in the setting up of a Plastics Park at Paradip.
With the state govement according high priority to petrochemicals sector, Indian Oil, as anchor tenant, will have a lead role to play in developing a PCPIR (Petroleum, Chemicals and Petrochemicals Investment Region) in Paradip, he said.Pradhan said that Indias petrochemicals sector is going through a golden period, with growth rates of 14-15 per cent per annum.He also inaugurated an exhibition set up at the conclave venue.Pradhan hoped that the conclave, with the theme Purvodaya The Dawn of New Investment Opportunities in Easte India, would serve as an effective platform for young investors to interact with business leaders of the petrochemicals industry, govement functionaries, financial institutions, supply chain professionals as well as incubators in the academia at one place.While the per capita consumption of plastics in India is only 10 kg as compared to the world average of 32 kg, it is much lower at 5 kg in easte India, he said.By achieving synergy of cotton fibre with polyester fibre to promote and popularise synthetic textiles, the Textiles Park will majourly benefit Micro, Small and Medium Enterprises (MSMEs), with employment potential of up 22 lakhs, he added.
The MoUs were signed at the Petrochemical Investors Conclave, the first-of-its-kind to attract investments to easte India, inaugurated by Union Petroleum Minister Dharmendra Pradhan here.Odisha, with ready availability of raw material, skilled, low-cost manpower, port infrastructure and rail connectivity and a large regional market, must fully utilise the opportunity to create investment opportunities in the downstream plastics park and textiles park being developed in the state, he said.With the coming up of an MEG (Mono Ethylene Glycol) Unit at Paradip Refinery and availability of PTA (Purified Terephthalic Acid) in the East, the polyester downstream industry can flourish very well in easte region as well, said Pradhan.Indian Oils Polypropylene unit coming up at Paradip will help boost the growth of plastics industry in the state and also raise the states per capita consumption of plastics, he added.IANScd/him/dgPost Source: China Heating Mat Suppliers Ians feed.
Also present on the occasion was Odisha Finance Minister Shashi Bhusan Behera who said that the state is attracting large investments in energy, mineral and manufacturing sectors.Highlighting the developmental vision of Prime Minister Narendra Modi for easte India, he said that accelerated development of easte states is one of the top priorities of the Indian govement.Indian Oil is setting up a 700 KTA (kilo tonnes per annum) Polypropylene unit at Paradip Refinery, to be commissioned in 2018, to serve as a mother plant for downstream polymer or plastics ancillary units.Indian Oil signed another MoU with MCPI Ltd for setting up a Textiles Park.