Hardeep Singh Puri says India plans to invest $87 billion in petrochemical sector over next decade

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Hardeep Singh Puri says India plans to invest $87 billion in petrochemical sector over next decade

Indian Oil Hardeep Singh Puri Minister india expects to secure investments worth $87 billion billion over the next decade to meet the country's growing demand for petrochemicals, it said on Friday. Puri India Chemical in Mumbai"As more and more citizens enter the middle class, the demand for various products will increase significantly, many of which are derived from petrochemical products," the event said." he said that per capita consumption of petrochemicals in India much lower than in developed countries, which provides an opportunity for investment in the sector. India consumes between 25 million and 30 million tonnes of petrochemicals per year, and the current $220 billion billion chemical and petrochemical sector is expected to grow to $300 billion by 2025, Puri said. While countries around the world are seeking to move to cleaner energy
india, China and the Middle East have been developing domestic petrochemical production to fuel oil refining for decades. India's state-owned and private oil companies (such as Nayara Energy and Haldia Petrochemicals) have announced plans to increase production. Puri said that companies such as Haldia, ONGC and BPCL have committed to invest US $45 billion, and are expected to invest another US $100 billion to meet the growing demand and promote India's transition to a low-carbon future.

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