{"id":12212,"date":"2024-10-20T03:25:14","date_gmt":"2024-10-20T03:25:14","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12212"},"modified":"2024-10-20T03:25:14","modified_gmt":"2024-10-20T03:25:14","slug":"india-eyes-87-bn-investment-in-petrochemicals-over-next-decade-puri","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12212\/","title":{"rendered":"India eyes $87 bn investment in petrochemicals over next decade: Puri"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0India 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 on Friday.<\/p>\n

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“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.<\/p>\n

He said India’s per capita petrochemical consumption is far below developed nations, which offers opportunities of higher investment in the sector.<\/p>\n

India consumes 25 to 30 million metric tons of petrochemical products annually, and the chemical and petrochemicals sector, currently valued at $220 billion, is expected to grow to $300 billion by 2025, Puri said.<\/p>\n<\/div>\n

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.<\/p>\n

Indian state-run and private oil companies such as Nayara Energy and Haldia Petrochemicals have already announced plans to boost production.<\/p>\n

Puri said companies like Haldia, ONGC and BPCL have committed investments of $45 billion and an additional $100 billion is projected to meet rising demand and align the country’s transition to a lower-carbon future.<\/p>\n

He did not specify a timeline for the projected investment.<\/p>\n

India’s petrochemicals production is projected to increase from 29.62 million tons to 46 million tons by 2030, he said.<\/p>\n

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