The first phase of IndianOil’s Paradip oil refinery project will be completed by March, 2012, says company said Chairman, Mr. Sarthak Behuria, here on Wednesday.

Speaking to reporters here, Mr. Behuria, said Rs 6,000 crore had already been invested in the project and efforts are being made to lay pipeline to markets for supply of petroleum products.

Mr. Behuria said, "We are facing a lot of obstacles to avail bank loans since no agreement with relation to transfer of land was made between the state government and the corporation at the time of memorandum of understanding signing. We, hope to overcome all such impediments soon."

The Chairman also said that heavy equipment required for construction of petrochemical complex could not be mobilised due to lack of adequate roads.