In February 2004, the oil and gas firm had signed a memorandum of understanding (MoU) to build a refinery and a petrochemical complex at Paradip with an investment of INR600bn ($9.84bn).
Indian Minister for Petroleum and Natural Gas Dharmendra Pradhan was quoted by Business Standard as saying: "The IOCL refinery at Paradip, the largest in the public sector, is nearing completion. The refinery would be commissioned by early 2015.
"The polypropylene unit of the petrochemical chemical complex would be inaugurated next month."
Odisha Industries Minister Debi Prasad Mishra said: "At the review meeting, we reiterated our demand for starting the petrochemical complex.
"Unless the petrochemical complex comes up, investments to the PCPIR hub will suffer.
"We have also urged IOCL to pick up equity in the plastic park being developed by Odisha Industrial Infrastructure Development Corporation (Idco)."
