In­dian Oil to go full-steam ahead with ex­pan­sion of its Paradip re­fin­ery

Chemical Industry Digest - - News & Views -

State govern­ment re­stores part of tax in­cen­tives

In­dian

Oil Corp (IOC) to in­vest about ` 52,000 crore in ex­pand­ing its Paradip re­fin­ery and setting up a petro­chem­i­cal com­plex af­ter the Odisha govern­ment agreed to re­store part of tax in­cen­tives.

The Odisha govern­ment, which had with­drawn tax in­cen­tives to the Paradip re­fin­ery of IOC, has agreed to re­store some of the tax breaks in­clud­ing a ` 700 crore per an­num of in­ter­est-free loan. “It is agreed that state govern­ment will give ` 700 crore per an­num in­ter­est-free loan for 15 years; ear­lier state head agreed to pro­vide to­tal de­fer­ment of VAT,” Oil Min­is­ter, Dhamen­dra Prad­han said in a twit­ter post.

IOC will go ahead with the ex­pan­sion of Paradip re­fin­ery ca­pac­ity by 5 mil­lion tons a year, and also set up a polypropy­lene plant and a mo­noethy­lene gly­col pro­duc­tion fa­cil­ity in 4-5 years.

Dhamen­dra Prad­han

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.