Govt Offers Investment Friendly Policy To Promote Petrochemical Sector

By Our Energy Editor

New Delhi, February 12, 2015 : India offers transparent and investment friendly policy to promote investments in the petrochemical sector , Chemicals and Fertilizers Minister Ananth Kumar said today inaugurating the 4th edition of the Petrochemical Conclave today at The Leela, Ambience Gurgaon Hotel & Residences, Gurgaon.,

The conclave brought together luminaries from global and Indian petrochemicals industry to deliberate on the theme ‘Petrochemical Beckons – Make in India’.

Foreign investments in the petrochemicals sector can make the country an important hub for both domestic and international markets, Ananth Kumar said adding Petrochemical Investment Regions (PCPIRs) may be set up under the government scheme. The PCPIRs would reap the benefits of co-siting, networking and greater efficiency through the use of common infrastructure and support services.

Besides Ananth Kumar, Surjit Kumar Chaudhary, Secretary (C&PC), Deptt. Of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilizers, B. Ashok, Chairman, IndianOil, D. Sen, Director (P&BD), IndianOil, S. Mitra, ED (Petrochemicals), IndianOil, Avinash Verma, GM (Petrochemicals), IndianOil and other senior officials from the Ministry of Chemicals & Fertilizers, Govt. of Odisha and IndianOil participated in the function.

Ananth Kumar further urged the Petrochemicals fraternity to come ahead with a move-forward paper, incorporating all the suggestions and new ideas emanating out of the discussions at the Conclave. He advised new locations must be identified for setting -up petrochemicals units in various states and emphasised on the need for establishing institutes to teach and mentor petrochemical technicians and executives.

Surjit Kumar Chaudhary, Secretary (C&PC), Deptt. of Chemicals & Petrochemicals, Ministry of Chemicals & Fertilizers said future belonged to plastics and polymer industry as it will play a vital role in realizing the economic aspirations of a developing India. He appreciated the role played by IndianOil in strengthening the domestic petrochemicals segment making way for self reliance.

B. Ashok, Chairman, IndianOil highlighted the potential in the Indian sub-continent which accounts for approximately 23% of the world’s population but has the lowest per capita plastic consumption indicating a huge potential for the growth of Chemical and Petrochemicals industry in our own neighborhood.

He said that one such PCPIR is planned at Paradip on the east coast around IndianOil’s 15 MMTPA integrated Refinery and Petrochemicals complex.

Speaking of IndianOil’s foothold in Petrochemicals industry, Ashok said that IndianOil in a short span of time had become the second largest player in the domestic Petrochemicals segment and was growing aggressively through focussed investments in this sector.

D. Sen, Director (P&BD), IndianOil. In his address, said that besides tapping niche segments which leads to import substitution and conservation of valuable foreign exchange, IndianOil is also looking at consolidating across various segments like Olefins, Polyesters, Surfactants and Elastomers. “There is a need to look at the possibility of pooling of Naphtha on a collaborative basis not only on intra-company but also on inter-company basis, he said.

The event witnessed good participation from global industry experts who engaged in vibrant discussions on a wide range of issues relating to Upstream Upheavals and the Impact on the Petrochemicals Business, the Outlook for Olefins and Polyolefins in light of the Great Energy Price Deflation, Polyester Chain Dynamics in South Asia, Skill Development in Petrochemicals and Sunrise in the East – Odisha PCPIR.