Bhubaneswar, Nov 5 (UNI) The construction work on the Rs 26,000 crore Integrated Petrochemical Complex at Paradeep will begin next month, Indian Oil Corporation (IOC) Chairman Sarthak Behuria said here today.
Mr Behuria, who met Orissa Chief Minister Naveen Patnaik, told newspersons that the IOC was committed to invest Rs 2,000 crore for the 15 million ton project this year.
The project is scheduled to be commissioned in 2011-12.
The IOC Chairman made this commitment after the Chief Minister asked him to start work on the project.
Mr Patnaik assured Mr Behuria to sort out other problems, if any, at the earliest.
During the meeting, Mr Behuria requested the Chief Minister to suitably amend the VAT tax to enable the company to avail the sales tax exemption granted to it earlier.
State Industries Secretary Ashok Dalwai said the state government had requested the Centre to set up a Petrochemicals and Petroleum Investment Region at Paradip for the development of petroleum-related industries in the state.
An action plan for the purpose had already been prepared and would be submitted to the Centre soon, he added.
The state government had also approached the IOC to be the anchor tenant for the purpose to which they had agreed, Mr Dalwai said.
He said the IOC had also agreed to the state government's proposal of acquiring 51 per cent share in the Special Purpose Vehicle (SPV) to be set up soon for it.