Haldia Petrochemicals to invest in Odisha refinery

11 March 2019

The Odisha government recently cleared a Haldia Petrochemicals proposal to invest Rs 28,700 crore for setting up an integrated refinery and petrochemical facility in Balasore.

Refinery and petrochemical facility
Source: Google

A panel led by chief minister Naveen Patnaik approved the proposal. State-owned land will be allotted and fiscal concessions considered, said a state official said. “Haldia Petro has sought certain concessions. We are setting up a panel to examine it,” the official said.

The government, however, will not take any equity in the project.

Odisha has identified 2,000 acres for the project near the proposed Subarnarekha Port, which the state is building jointly with Tata Steel. The entire land parcel is under control of the state, though a part of it is a forest area, which will need regulatory clearance for industrial use. “Getting clearance is not insurmountable, though not easy,” the official said, adding that he expected the clearances in 10-12 months.

The project will entail a total investment of Rs 70,000 crore, the official said, and phase I is expected to be completed in five years.

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