India’s annual petrochemical consumption might almost triple to 80 million tonnes by 2040 forcing the nation to both increase imports or make investments into constructing new amenities, mentioned an govt on the nation’s prime refiner Indian Oil Corp.
Inhabitants progress, growth, and financial enlargement “are going to extend the demand or these are the drivers principally for elevated petrochemicals demand,” A. S. Sahney, govt director for petrochemicals at IOC, mentioned at a convention on Thursday.
India, Asia’s third-largest financial system, yearly consumes 25 million to 30 million tonnes of petrochemicals. Its per capita consumption is a few third of world common.
Indian refiners have historically focussed on maximising manufacturing of gasoline and gasoil and it’s a web importer of petrochemicals.
Corporations are investing billions of {dollars} to spice up their petrochemical capability to hedge in opposition to anticipated gradual demand progress for standard fuels in the long term.
“Because the demand for gasoline and diesel goes down, we’ve to seek out methods of creating petrochemicals. In any other case, we will likely be in a state of affairs the place the refineries will likely be working at non-optimal or sub-optimal situations,” he mentioned.
He mentioned the nation is trying to make use of as much as 40% of petrochemical integration at its refineries.
This story has been revealed from a wire company feed with out modifications to the textual content.
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