New Delhi : Union Petroleum Minister Hardeep Singh Puri has given important information about petrochemicals during a program. This has shown that the consumption of petrochemical products in the country is continuously increasing rapidly. The annual consumption of these products in the country is around 30 million metric tons. It is expected that these figures may increase even more rapidly in the future.
At present the turnover of the petrochemical sector is about 220 billion dollars. It is expected to reach $300 billion by the year 2025. With the increase in its demand, its production is likely to increase 3 times to 1 trillion dollars by the year 2040. Also, there is a possibility of investment of about 87 billion dollars in the petrochemical sector in the coming 10 years.
Demand may increase due to growth of middle class
Giving information at the India Chem event organized in Mumbai, Petroleum Minister Hardeep Singh Puri said that the middle class segment in the country is growing rapidly, due to which the demand for petrochemical products is also increasing. At present, per capita petrol demand in India is much less as compared to developed countries. Due to which the possibilities of investment in this sector are increasing. For this reason, countries like India, Middle East and China are emphasizing on increasing the capacity of their petrochemical production. Besides, many other countries of the world are also moving towards renewable energy.
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Public and private sector
Hardeep Singh Puri has said that public sector companies related to oil sector are increasing their investment. Which includes companies like ONGC and BPCL. Apart from this, a private sector company named Haldia Petrochemicals is also planning to invest about 45 billion dollars in this sector. The country currently needs an investment of 100 billion dollars in this sector. Besides, the country is also moving forward to reduce its carbon emissions. Clean energy is also being increased in the country.
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