BHUBANESWAR: Optimistic about the commercial commissioning of its Rs 35,000 crore refinery project at Paradip in Odisha "very very soon," the IOCLBSE 0.20 % today said the entire world is looking at the project because of its volume and uniqueness.

"The Paradip refinery is an important project for us and we are going to commission it very very shortly. The entire world is looking at the project as IOCL has made it as the world's largest facility," IOCL Chairman B Ashok told reporters here.

Asked about the tax exemption for IOCL's refinery project, Ashok said "It will be applicable on sale of products within Odisha. Concession on VAT is only a deferment and we will pay it back to the state government after a certain period. VAT is not an issue as the state government has promised full support to the project."

Stating that the state government was extremely supportive to the IOCL, Ashok said besides investment of Rs 35,000 crore in the refinery project, the oil major would invest around Rs 75,000 crore in associated projects.

"We also expect investment of equal amount by others in Paradip," Ashok said.

"A lot more economic activities will follow in the state of Odisha and Paradip with commissioning of the refinery project," Ashok said adding, work would soon start for the Rs 3,000 crore Polypropylene project at Paradip.

The IOCL refinery would produce 5.97 million tonne of diesel, 3.4 million tonne of petrol, 1.45 million tonne of kerosene/ATF (Aviation Turbine Fuel), 5,36,000 tonne of LPG, 1,24,000 tonne of Naphtha and 3,35,000 tonne of Sulphur.

Ashok, however, declined to reveal the exact date for commissioning of the refinery project.