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 andPetroleum 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 ONGCBSE 0.76 % 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.
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 The Economic Times (see all)
- Digitization Of Power Grid Will Cut Losses: Schneider Official – August 18, 2017
- Centre Rejigs PPA, Takes The Wind Out Of State Discom Bullies – August 17, 2017
- IGL Expects Rs 150 Crore Annual Revenue From Gurgaon City Gas Services – August 15, 2017