Oil & gas PSUS have en­er­gised our petro­chem­i­cals in­dus­try: Prad­han

Resource Digest - - CON­TENT -

In­di­anoil or­gan­ised the 5th In­di­anoil Petro­chem­i­cal Con­clave held at Mum­bai, which brought to­gether lu­mi­nar­ies from global and In­dian petro­chem­i­cal in­dus­try to de­lib­er­ate on the theme, ‘Petro­chem­i­cals Vi­sion 2025: Chal­lenges and Op­por­tu­ni­ties.’

Speak­ing on the oc­ca­sion, Chief Guest Oil and Gas Min­is­ter Dhar­men­dra Prad­han, said that the en­try of oil and gas PSUS into the field of petro­chem­i­cals have ush­ered in many big ticket petro­chem­i­cal projects in the coun­try. The re­cent en­trants in the field of petro­chem­i­cals have been Hin­dus­tan Petroleum Cor­po­ra­tion in col­lab­o­ra­tion with Mit­tal En­ergy Ltd (HMEL) and MRPL.

ONGC Petro Ad­di­tions Ltd (OPAL) is also ex­pected to join the league dur­ing the cur­rent fis­cal, he said. Talk­ing about the growth of the petro­chem­i­cals in­dus­try in In­dia, he went on to say that the wa­ter­shed mo­ment in the petro­chem­i­cal sce­nario can be de­fined as In­di­anoil’s en­try into the fray with big ticket in­vest­ments of around Rs 20,500 crores ($4.12 bil­lion) in var­i­ous seg­ments of petro­chem­i­cals in­clud­ing de­ter­gent, polyester and plas­tic raw ma­te­ri­als fields. He also spoke about In­di­anoil’s planned fu­ture in­vest­ments worth Rs 30,000 crores in var­i­ous petro­chem­i­cal streams.

These projects would cre­ate mas­sive em­ploy­ment op­por­tu­ni­ties – di­rect em­ploy­ment to around 10,000 peo­ple and in­di­rect em­ploy­ment to around 1 mil­lion peo­ple. Fur­ther, these in­vest­ments would spur the set­ting up of around 800-1000 down­stream con­vert­ing in­dus­tries in the MSME sec­tor, pro­pel­ling the growth of en­tre­pre­neur­ial land­scape. These mega projects when fully op­er­a­tional are ex­pected to also save huge valu­able for­eign ex­change over their en­tire life cy­cle. Chair­man In­dian Oil Cor­po­ra­tion Ltd B Ashok, high­lighted that petro­chem­i­cals have been iden­ti­fied as a prime driver of fu­ture growth by In­di­anoil. He shared In­di­anoil’s plans to in­vest Rs 7,650 crore in set­ting up a petro­chem­i­cal com­plex at its Paradip re­fin­ery in Odisha in the next 3-4 years.

The com­plex will have a 700,000 tonnes per an­num polypropy­lene (PP) plant and ethye­lene de­riv­a­tives com­plex to man­u­fac­ture around 350,000 tonnes of mono-ethye­lene gly­cols (MEG).

IN­AU­GU­RATED 5TH IN­DI­ANOIL PETRO­CHEM­I­CAL

CON­CLAVE "PETRO­CHEM­I­CALS: VI­SION 2025-CHAL­LENGES & OP­POR­TU­NI­TIES" AT MUM­BAI

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