The Centre is planning to set up petrochemical clusters in eastern, western and southern India, to spur growth of the sector amid increasing demand, union minister Dharmendra Pradhan said here today.
“We plan to set up a number of petrochemical clusters, two each in east and west coasts, and some in south India. They will be created (integrated with refineries) so that the entire chain is benefited,” Pradhan, who is the Minister of State (Independent Charges) for Petroleum and Natural Gas, said.
“Globally we are seeing an increasing trend of setting up petrochemical complexes to maximise value chain of downstream products,” he said, while speaking at the 6th petrochemical conclave.
He said ONGC Petro Additions Limited, the largest petrochemical plant in the country set up at Dahej in south Gujarat has brought in several downstream industries to come up in its vicinity, which are likely to bring an investment of USD 6-7 billion.
“(Such clusters) make the entire value chain extremely cost effective. Output of petrochemical will support such an industry,” he said.
He also said growth of middle class will increase consumption of petrochemical products “manifold” by 2030.
“Global per capita consumption of polymers is 34 kg, so India at 10 kg will see manifold growth by 2030, spurring the growth of the industry,” he said.
Pradhan said Centre was committed to see that the industry grows to meet demand.
“We still have to import several building blocks. Like we have increased refining capacity, we will ensure that petrochemical requirements are also met,” said the minister.
India’s petrochemical market is valued at USD 50 billion, which is expected to grow at a rate of 89 per cent.
Latest posts by ET Energy World (PTI Copy) (see all)
- Captive Power Players Concerned Over New Draft Rules For Them - May 24, 2018
- Vedanta Resources Operating Profit Up 27% To $4.1 Bn In FY’18 - May 24, 2018
- Cabinet Approves MoUs With France, Morocco On Clean Energy - May 24, 2018