IOCL signs MoU with Gujarat Government to invest ₹24,000 cr in petrochemical unit

The Chief Minister of Gujarat, Vijay Rupani and Union Minister of Petroleum and Natural Gas & Steel, Dharmendra Pradhan, today presided over an MOU signing ceremony for “Investment Promotion” between the Government of Gujarat and IndianOil for setting up a Petrochemical and Lube Integration (LuPech) Project and Acrylics / Oxo Alcohol Project along with other infrastructure projects at its Gujarat Refinery at Vadodara. 

During his address, Chief Minister  Vijay Rupani mentioned that Gujarat is a leading State in the field of Oil and Petrochemicals. The Chief Minister said that “As a result of the transparent policies, acceleration of ‘Ease of Doing Business’ and favourable environment for industries, Gujarat, in spite of the covid pandemic has for the fourth year in a row, maintained its number one position as the highest recipient of FDI in the country”. 

Union Petroleum Minister Dharmendra Pradhan said, “Gujarat has become the first choice of investors as in its roots is Prime Minister  Narendra Modi’s vision that implements new plans for the holistic development of the State”. The Minister also committed that these projects would be completed on schedule and inaugurated at the hands of Hon’ble Prime Minister Narendra Modi. 

Giving further details during the MOU function, Chairman IndianOil SM Vaidya said, “Today Gujarat is charting a new path of prosperity. To power that journey, IndianOil’s Gujarat Refinery is now poised to grow to 18 MMTPA capacity. New units for the production of Polypropylene, Butyl Acrylate and Lube Oil Base stocks will also be added to the Refinery’s portfolio”. 

These projects will enable large-scale direct and indirect employment opportunity during the peak construction period and later for the operation of these facilities. During the construction stage, around 125 million person-hours of employment will be generated. The total investment outlook for these projects in different execution stages is approximately ₹ 24,000 crore.