Oil minister lays stone of Rs 3K crore unit at Paradip

Oil minister Dharmendra Pradhan on Sunday laid foundation stone of a polypropylene plant at Indian Oil Corporation Limited's (IOCL) under construction petrochemical complex at Paradip. The unit would be developed with an investment of Rs 3,150 crore Stock Market Trading Tips

Pradhan said the plant will pave way for developing the eastern part of India into a petrochemical hub. "Polypropylene produced by the unit will be used in ancillary industries to make packaging material, containers, medical disposables and adhesive tapes," he said.

The unit is likely to be commissioned in the next three years. "A number of projects in plastics processing would come up by the time it is commissioned," he said Financial Astrology Trading Tips

There has been a steady rise in consumption of polypropylene in the last decade. The trend is likely to continue with growing demand for plastics in automotive, processing and packaging industries, official sources said.

Pradhan said IOCL is planning to set up an ethylene derivative plant inside the complex at an estimated cost of 4,000 crore. "This will act as a catalyst in socio-economic development of the country and the state in particular," he said Commodity Trading Tips

On September 16, the minister had said the IOCL's refinery inside the complex is nearing completion. "It will be commissioned by early 2015. The IOCL has so far invested Rs 34,000 crore in the refinery with a capacity of 15 million metric tonne per annum," he said. It will cater to energy needs of Odisha, Andhra Pradesh, Madhya Pradesh, Uttar Pradesh, Bihar, Jharkhand, Chhattisgarh and West Bengal, he added Intraday Trading Tips