India eyes $87 B investment in petrochemicals sector over next decade
10/21/2024 12:00:00 PM
India is expected to receive investments worth $87 billion in the next decade to meet the nation's rising demand for petrochemicals, the country's oil minister Hardeep Singh Puri said.
"As more citizens enter the middle class, the demand for a diverse range of products, many of which are derived from petrochemicals, is set to rise significantly," Puri said at the India Chem 2024 event in Mumbai.
He said India's per capita petrochemical consumption is far below developed nations, which offers opportunities of higher investment in the sector.
India consumes 25 MMtpy - 30 MMtpy petrochemical products, and the chemical and petrochemicals sector, currently valued at $220 B, is expected to grow to $300 B by 2025, Puri said.
India, China and the Middle East have been developing domestic petrochemical production to provide tailwinds to decades of oil refining, even as the world looks to switch to cleaner energy sources. Indian state-run and private oil companies such as Nayara Energy and Haldia Petrochemicals have already announced plans to boost production.
Puri said companies like Haldia, ONGC and BPCL have committed investments of $45 B and an additional $100 B is projected to meet rising demand and align the country's transition to a lower-carbon future.
India's petrochemicals production is projected to increase from 29.62 MMt to 46 MMt by 2030, he said.
Comments