Bhubaneswar (Odisha) [India], November 16 (ANI): Union Minister Dharmendra Pradhan is expected to inaugurate an industry-first Petrochemical Investors Conclave under the aegis of the Ministry of Petroleum and Natural Gas here today, in the presence of senior officials from the Ministry and CEOs of oil and gas companies.
The conclave was initiated in a bid to attract investments in the high-potential eastern states. Further, it also aims to accelerate the development of a world-class petrochemical ecosystem and catalyse investments in the downstream Plastic Parks and Textile Parks that were proposed to be developed in Eastern India.
It also aims to identify ways and means to leverage these resources and advantages, together with skilled manpower, and thereby, enable Eastern India to propel itself into a higher growth orbit, and also provide a platform for young entrepreneurs to interact with investors and other members of the business fraternity.
The petrochemical sector caters to a number of other sectors by providing raw material for clothing, housing, automobiles, irrigation and so on. Major chemical and petrochemical demand in India is currently estimated to be around 30 million tonnes, growing at a CAGR of 9 per cent. The total chemical and petrochemical market in India is presently valued at USD 50 billion and registered an 11 per cent growth per annum from 2011-16.
Despite this, the average domestic per capita consumption of polymers is only around 10 kg per person, and that of polyester is 5 kg per person, thus providing ample growth opportunity. While the current level of import of chemical and petrochemicals in India is estimated to be around 10 million tonnes, it is expected to reach 25 million tonnes by 2030.
In this regard, Odisha possesses immense growth potential for the growth of the sector, with Paradip being strategically located for investment in petroleum, chemicals and petrochemicals. To support this, Indian Oil Corporation has already invested Rs 35,000 crore to commission a 15 million metric tonnes per annum oil refinery here.
Keeping this in mind, the conclave has been envisaged as a platform for potential investors to interact with policy-makers, domestic and international majors in petrochemicals, financers, licensors, technology-providers, equipment suppliers and processors, to discuss and deliberate on the emerging investment opportunities in Eastern India. (ANI)
This story has not been edited. It has been published as provided by ANI