Indian Oil Corporation Limited (IOCL) has announced a cumulative investment of approximately Rs 43,359 crore in Paradip, reinforcing the coastal town’s emergence as one of India’s leading integrated energy and petrochemical hubs. The company said the investments have generated livelihood opportunities for more than 12,500 people in and around the region.
According to the company, Paradip continues to play a strategic role in strengthening India’s energy security while driving industrial growth and employment in Odisha.
Major Investments in Paradip
IOCL’s investment portfolio at Paradip includes:
- Rs 34,555 crore in the state-of-the-art Paradip Refinery.
- Rs 3,150 crore in the Polypropylene (PP) Plant.
- Rs 5,654 crore in the Mono Ethylene Glycol (MEG) Plant.
In addition, the company is investing Rs 13,805 crore in the ongoing Paraxylene-Purified Terephthalic Acid (PX-PTA) Project, which is expected to further strengthen the petrochemical value chain at Paradip.
Fresh Investments Planned Across Odisha
Expanding its footprint beyond Paradip, IOCL also announced two major upcoming investments in Odisha.
The company plans to invest around Rs 4,382 crore in the Bhadrak Textile Park through a joint venture with MCPI Private Ltd, aiming to support the state’s textile and manufacturing ecosystem.
Additionally, IOCL will invest approximately Rs 1,064 crore in a Hydroprocessed Esters and Fatty Acids (HEFA)-based Sustainable Aviation Fuel (SAF) Project through a joint venture with M11 Energy Transition Pvt Ltd. The project is expected to contribute to the production of cleaner and more sustainable aviation fuel in India.
According to IOCL, these investments align with its long-term vision of transforming Paradip into a globally competitive energy and petrochemical destination.
Paradip Refinery Achieves Record Performance
During the 2025-26 financial year, the Paradip Refinery achieved its highest-ever crude processing capacity of 16.35 million metric tonnes (MMT).
The refinery also commissioned:
- A standby Sulphur Recovery Unit-III.
- A new Hydrogen Generation Unit.
Meanwhile, the 1.2 MMT per annum Purified Terephthalic Acid (PTA) unit under the PX-PTA project is nearing completion.
Over 12,500 Jobs and Significant Revenue Contribution
The Paradip Refinery currently supports more than 12,500 livelihoods, including skilled and unskilled workers, contractors and supply chain partners.
IOCL said it has undertaken several skill development and capacity-building initiatives to improve employment opportunities for local youth.
During FY 2025-26, the refinery contributed more than Rs 30,392 crore to the state and central exchequer through various duties, taxes and levies.
IOCL Reaffirms Commitment to Odisha
Executive Director and Head of Paradip Refinery Kausik Basu said the refinery stands as a symbol of industrial excellence, innovation and inclusive growth.
He added that IOCL’s continued investments reaffirm the company’s commitment to developing Paradip into a world-class integrated refinery and petrochemical hub, while strengthening India’s energy security, promoting sustainable industrial development and creating long-term economic opportunities in Odisha.
