Modi calls for 10% cut in oil imports by 2022

PARADIP (ODISHA), FEB 7:
Prime Minister Narendra Modi today said oil imports should be reduced by at least 10 per cent by 2022.

Speaking after dedicating Indian Oil Corporation (IOC) Ltd’s largest Paradip refinery to the nation here on Sunday, he said: “I have asked officials to work in this direction.”

Set up at an investment of ₹34, 555 crore, the refinery is the 11th for IndianOil and adds 15 miilion metric tonnes per annum (mmtpa) to take total capacity to 80.7 mmtpa.

Highlighting the importance of Paradip refinery and indigenous oil production, Modi claimed credit for completion of project, whose foundation stone was laid in May 2000 by the then Prime Minister Atal Bihari Vajpayee.

Describing the refinery as the ‘light of progress’ for Odisha and the country, he said the refinery will create lakhs of jobs for the youth and provide LPG cylinders to the crores of poor women. He said that a fertiliser factory will also be set up in Paradip soon.

While asking the youth to be the job-givers rather than job seekers, the Prime Minster said in addition to the public and private sectors, ‘personal’ sector should also be nurtured.

The Prime Minister expressed there was need for a new culture that allows speedy completion of projects by all stakeholders.

For better profitability, the refinery has been designed to process 100 per cent high sulphur including 40 per cent heavy crude of low cost to produce various products such as petrol, diesel, kerosene, aviation turbine fuel, propylene, sulphur and petroleum coke.

It’s INDMAX unit has been designed to produce 44 per cent LPG, highest from such plants.

A 700-KTA capacity polypropylene plant is under way with an estimated cost of ₹3,150 crore is scheduled for completion by 2017-18. Plans are also afoot to set up an ethylene recovery unit at ₹3,800 crore by 2020-21.

Orissa Chief Minister Naveen Patnaik, IOC Chairman B Ashok, were also present on the occasion.