MORE / #General Awareness

April 04, 2017 @ 01:15 PM

April 04, 2017 @ 01:15 PM

Paradip Refinery, A Booster For Indian Economy

Published: Friday, 12 February, 2016 12:10 PM

Paradip Refinery, A Booster For Indian Economy

MBA aspirants must be updated with General Awareness on current affairs. General Awareness topics with analytically drawn conclusions will benefit you in XATIIFTNMATSNAP ,CMATMAT, and later in Post exams screening Tests like  WATGD & PI , Essay writing

Read General Awareness Topic:  Paradip Refinery, A Booster For Indian Economy

On February 7, 2016, the Indian Prime Minister inaugurated the Indian Oil Corporation’s (IOL) Paradip Oil Refinery in Paradip, Odisha. With the refining capacity of 15 million tonne per annum (mtpa), it is the most capital intensive project taken by IOC so far. It is 11th refinery of IOC and 23rd overall in India. It is most advanced of them all as well as the largest green field facility on the east coast.

It also has a 17 metre deep natural draft for its oil jetty that can berth very large ships and has captive multi fuel power plant that can generate 360 MW of electricity. The facility is equipped to refine any kind of crude oil imported from Gulf, Africa or South America. It can supply Euro-IV and Euro-V premium grade fuels, aviation turbine fuel, kerosene, LPG and is configured to process a mix of high sulphur and heavy or sour crude.

Any new development taking place in energy sector is always a welcome step because energy is the basic fuel required for travelling on the road to development. The Union Oil Minister Dharmendra Pradhan has revealed his plans to develop the northeast region of India by investing in hydro-carbon sector. The government expects the Paradip project to trigger a new wave of industrialization in hydrocarbon sector.

The current refining capacity in India is 215 mtpa in comparison to 165 mtpa of domestic consumption. Oil Ministry has long term plan to increase the refining capacity to 550 mtpa by 2040 and build a strong network of oil and natural gas pipelines. By the year 2030, government wants to have a strong base in the markets of Bangladesh, Nepal, Bhutan, Myanmar and Thailand.

The 2030 vision document involves expansion of fuel marketing infrastructure in the region along with opening up retailing facilities in neighbouring countries with local partners. The setting up of Paradip refinery must be seen as a part of this long term plan rather than populist measure to catch vote bank in Odisha.

Despite being a net importer of crude, India is net exporter of petroleum products. Though Indian petrochemical industry boasts of the turnover USD40 billion, it accounts for a small share in the USD600 billion global petrochemical markets dominated by China and the US.

The state of the art Paradip facility will definitely boost the exports of petrochemical products expanding the Indian share in the industry. Since Paradip is the major port on the Indian east coast, the newly set up refinery will also give a boost to the oil and petrochemical exports to the countries bordering Bay of Bengal like Bangladesh, Thailand, Myanmar, Indonesia, Malaysia, Sri Lanka as well as other countries in ASEAN.

Many may see the investment in petrochemical industry at this point of time when the oil prices are at the nadir a bad idea however, it must not be forgotten that oil industry is still the lifeline of global transportation industry be it a land, air or rail transport. Therefore, investment during the slowdown would definitely bring higher returns when the market rebounds and prices starts rising.    

Read More Than 500 GK / Current Affairs Topics 

Stay informed, Stay ahead and stay inspired with MBA Rendezvous

Crucial Dates, You Should not Miss

XAT 2018
Application Last Date 30th November 2017
IMI New Delhi
Application closes 4th December 2017
XIM Bhubaneshwar
Last Date 8th December 2017
SIBM Bengaluru
Apply for SNAP 2017 to be held on Dec 17 and apply for SIBM-Bengaluru through the SNAP Form
Institute of Rural Management Anand
IRMASAT will be conducted on February 4,2018, Apply Before December 31,2017
IBSAT 2017
Last date for IBSAT registration is December 12 , 2017
SSBF
Last date to register for SNAP is 24th November, 2017. Last date for SSBF is 2nd January 2018
SIBM Hyderabad
Apply for SNAP 2017 to be held on Dec 17 and apply for SIBM-Hyderabad through the SNAP Form
K J Somaiya Institute of Management Studies & Research, Mumbai
Last date for Application is 31st Jan, 2018
SDMIMD Mysore
Application for PGDM 2018-20 at SDMIMD is open till February 28, 2018
Institute of Management Technology
Application closes on November 24, 2017
MDI Murshidabad
Application for PGPM 2018-20 at MDI Murshidabad is open till November 24, 2017

Show More

Admission Open Now

Following Colleges are accepting applications.

INTERNATIONAL MANAGEMENT INSTITUTE

Admissions open for 2018-20

PGDM, PGDM (HRM), PGDM(B & FS), Executive PGDM

Apply Online