Highlighting the huge potential for investment and employment generation in the sector, Minister of State for Petroleum and Natural Gas Dharmendra Pradhan has said that the petrochemicals are a sunrise area and top priority for the government, adding that developing the domestic petrochemical industry will be the next area of focus with oil companies consolidating their position in the market for fuel.
Pradhan assured that Petrochemicals are the area of the future and we are all on the job and working in tandem. He said both Petroleum Ministry and Petrochemical Ministry are coordinating closely and are in a cooperative mood. They are working together to resolve issues relating to PCPIRs planned in the different parts of the country. This will add to the growth of the industry. He added that the government is also exploring the possibility of “monetising petrochemical resources in Iran with the petrochemical industry.
He said that major expansions are planned in Chennai Petroleum Corporation refinery at Chennai, and a mega refinery is planned in the Konkan region with the participation of three public sector oil refineries and foreign companies. Petrochemicals are raw materials for a wide range of industry, particularly affordable products such as textiles, furniture and roofing material.