Bhubaneswar, Dec 16 (IANS): Biju Janata Dal MP Baijayant 'Jay' Panda Monday urged Union Minister of Petroleum and Natural Gas Veerappa Moily to fast-track the Petroleum, Chemicals and Petrochemicals Investment Region project in Odisha, his office said here.

Panda met Moily in New Delhi and urged him to expedite the project at the port town of Paradip, about 120 km from here.

The project will attract an investment of over Rs.2 lakh crore and generate 50,000 direct and indirect jobs.

Panda, who represents the state's Kendrapara constituency in the Lok Sabha, also stressed on social sector development around the region by setting up townships, health facilities and recreation facilities.

The MP requested the union minister's intervention in the matter. He said the early commencement of the project will significantly boost the region's economy.

The project, spread over 284.15 sq km, was approved by the central government in 2010.

Though the state had signed a pact with the centre November, 2011 for the project, there has not been much progress.