Regional MSMEs to benefit from Paradip Oil Refinery

SMEStreet Desk
New Update
Narendra Modi, GST, MSME

The micro, small and medium enterprises (MSMEs) in Odisha have pinned hopes on the Paradip Refinery, which has been dedicated by Prime Minister Narendra Modi to the nation yesterday, for getting raw products and by-products.

General Secretary of Orissa Industries Association (OIA), Jagatpur, Khirod Kumar Subodhi said that local MSMEs would be benefiting after the inauguration of this oil refinery in the state.

“It will help to increase the procurement from the MSMEs and can get some petroleum by products easily,” he said.

The industries have to pay 2 per cent tax in case they import the petroleum by products from some other state.

The MSMEs in the state are satisfied with the current taxation structure and exports, he pointed.

The 15 million tons per annul Paradip refinery was built over nearly 16 years. The then Prime Minister Atal Bihari Bajpayee had on 24 May, 2000 laid the foundation stone of the ninth plant of IOC.

Prior to Paradip, its eight refineries had a cumulative capacity of 54.2 million tons of crude oil. Paradip helped IOC overtake Reliance Industries, which has twin refineries at Jamnagar in Gujarat with a capacity of 62 million tons.

IOC, the nation’s largest oil firm, also has a subsidiary called Chennai Petroleum Corp. Ltd (CPCL) which operates refineries with total capacity of 11.50 million tons.

Narendra Modi IOC Paradip Refinery