Petrochemicals - Global Trends and Opportunities

10-Feb-14

The 3rd Annual Petrochemical Conclave was inaugurated by Mr. Indrajit Pal, IAS, Secretary, Chemicals & Fertilizers in the august presence of Ms. Ranjana Kale, Economic Advisor, Mr. R.S Butola, Chairman, IndianOil, Mr. A.M.K Sinha, Director (P&BD) and Mr. Siddharth Mitra, ED, Petrochemicals at Gurgaon. The Conclave on the theme of "Petrochemicals - Global Trends and Opportunities" saw a large attendance of dignitaries and industrialists from India and abroad. Mr. Indrajit Pal, IAS, Secretary Chemicals & Fertilizers extolled the increasing importance of plastics in agriculture and water management. He extolled for new technologies which not only efficiently utilize raw materials but also induce hydrocarbon efficiencies. He further stated that the global petrochemical industry is going through an unprecedented change. The global Petrochemicals market was valued at about US$472 mln in 2011 and is expected to reach US$791 mln by 2018, the annual growth rate of petrochemical industry being around 6.7% over this period. Mr. R S Butola, Chairman, IndianOil spoke about IndianOil's initiatives and role as the premier fuel supplier in the country. He pointed out that within a short span of time, IndianOil has not only become the second largest Petrochemical player in the country, but has also earned valuable foreign exchange through the exports of its Petrochemicals to over 50 countries worldwide. Mr. Butola said that the Petrochemical conclave as a forum is extremely important for ideation and brain storming on technological advancements and market trends. The feedback and suggestions received during this Conclave would help in the growth of Petrochemical business in India.