India would contribute 10% to incremental growth of global petrochemicals demand: Puri

New Delhi: Hardeep Singh Puri, Union Minister for Petroleum & Natural Gas, said that India would contribute 10 percent to the incremental growth of global petrochemical demand. Addressing the plenary session at the 7th Petrochemical Conclave in New Delhi on Saturday, Puri said, "Petrochemical market size is currently in India about US $ 190 Billion, whereas the per capita consumption of petrochemical segments is significantly lower, compared to that in developed economies. And this gap offers substantial space for demand growth and investment opportunities."

"Petrochemicals sector supports PM's initiative of Make In India and Make for the World and can transform India into a global manufacturing hub. One of the most important factor driving the growth of petrochemical industry is the increasing demand for petrochemical products from a growing population and a rapidly expanding economy. India would contribute 10% to the incremental growth of global petrochemical demand. The govt has instituted several policies to boost this sector and improve the ease of doing business including 100% foreign direct investment through the automatic route," he added.

Minister of State for Petroleum and Natural Gas Rameswar Teli said, "Sectors like Petrochemicals have contributed a lot to the GDP success story and shall continue to add in the future. The exuberant growth of the Indian economy cannot be spoken of without mentioning the role that the petrochemical industry has and is expected to play in this journey."

Petrochemicals account for 14% & 8% of global oil & gas demand: Indian Oil Chairman

Welcoming the dignitaries to the special plenary session, Indian Oil Chairman SM Vaidya said, "Currently, Petrochemical production accounts for nearly 14 percent and 8 percent of the global demand for oil and gas, respectively. With the evolution of new technologies, especially in Crude to Chemicals, Petrochemical production share is expected to increase to about 30 percent shortly."

IOC hires BGR Energy Systems for construction & structural works

Other dignitaries present at the conclave included Petroleum Secretary Pankaj Jain, Sujoy Choudhury, Director (Planning & Business Development), Indian Oil and other functional directors of Indian Oil. The conclave aimed to provide a comprehensive platform for varied petrochemical stakeholders to deliberate on the opportunities and challenges with the sector and brainstorm on the impacts of forces like energy transition, crude oil to chemicals, Industry 4.0, emerging green pathways, and circular economy.

A white paper on "India's Petrochemical Future – Sustainable and Aatmanirbhar" was also released by Puri at the conclave. Earlier in the day, this conclave was inaugurated by Arun Baroka, Secretary, Department of Chemicals & Petrochemicals, in the presence of Sujoy Choudhury, Director (Planning & Business Development), Indian Oil and other Functional Directors of Indian Oil.

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