Union minister for shipping Nitin Gadkari has announced an investment of Rs one trillion for the expansion of Paradip Port Trust (PPT) in the next five years. “In future expansion of the port, about Rs one lakh crore (Rs one trillion)
Paradip Port has had its fair share of ups and downs
The Paradip Port Trust today said it plans to raise capacity from the present 277 million metric ton per annum to 325 mmtpa by 2025.
The country’s 12 major ports witnessed a 4.97 per cent rise in cargo traffic at 616.61 million tonnes (MT) during April-February this fiscal, according to ports’ body IPA.
The arrival of the New Prosperity tanker into Paradip Port, in Odisha on India’s east coast, at the beginning of October was a landmark moment for US-Indian bilateral relations.
On October 2, the first in a series of shipments of US crude oil to India arrived at Odisha’s Paradip port. Two more vessels carrying a combined 3 million barrels are set to arrive in November, according to a senior official with Indian Oil Corporation (IOC).
India’s three public sector refineries have put an order of 7.85 million barrel from the US.
On October 2, as the nation celebrated Gandhi Jayanti, a cargo of 1.6 million barrels (about 225,000 tonnes) of US crude oil was received at Paradip port, making it the first import of American oil by India.
Paradip would be developed into a smart port and smart city at an investment of Rs 40,000 crore as part of the Centre’s plan to bring about a speedy development of Odisha, Union minister Nitin Gadkari announced today.
Looking to expand operations beyond its core business, the Paradip Port Trust has taken up a host of infrastructure projects to develop the Odisha port as a smart industrial city.