Paradip: A delegation from the Taiwan Petrochemical Alliance (TPA) on Wednesday held talks with Indian Oil refinery officials in Paradip to explore the viability for investment in a petrochemical cracker plant.

The visit to the Indian Oil Corporation's 15-million-metric-tonnes per annum Paradip refinery assumes significance as the TPA proposes to establish a Greenfield cracker and downstream unit at an estimated investment of Rs 43,000 crore in the eastern part of the country.

The TPA delegation explored the viability of Paradip as the site for the proposed Greenfield unit. As the oil refinery is in operation, Paradip has locational advantage and is believed to be best-suited for the proposed unit, said an official of the refinery official, who explained to them the suitability of the place for the petrochemicals cracker unit.

Lee Shun-Chin, president of CPC Corporation along with delegates from the TPA accompanied by Sanjay Kumar Singh, chairman-cum-managing director of Industrial Development Corporation of Odisha Limited, the commissioner-cum-secretary of skill development and technical education department, and several other senior officials visited the Paradip refinery on Wednesday. Later, they held a discussion on the TPA's investment project in petrochemical cracker plant.

On Tuesday, the Taiwanese delegation met Union petroleum minister Dharmendra Pradhan and discussed about the proposed investment plan in a petrochemicals cracker plant in India.

"The Taiwanese have already decided to do invest in India and has identified the east coast and Odisha in particular for the location of the cracker and downstream unit," said an Indian Oil official.