IOC will build refinery, petrochemical complex in Orissa

By IANS

New Delhi : State-owned refiner Indian Oil Corp (IOC) will set up a 15-million tonne per annum capacity refinery and petrochemical complex at Paradip in Orissa, State Petroleum Minister Dinsha Patel said here Tuesday.

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He was replying to a question in the Rajya Sabha, the upper house of the Indian parliament.

“IOC expects to complete the project by Oct 2011,” Patel said.

“The state government has agreed to provide key fiscal concessions to the project like deferment of state and central sales tax and entry tax exemption for sourcing crude.”

“As per a pact signed by IOC, the Orissa government will also extend major fiscal sops on machinery and key construction materials procured for use in execution of the project.”