Oil & gas PSUs have energised our petrochemicals industry: Pradhan
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 1million 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).