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Gujarat to speed up development of petrochemical hub
22
Oct '10
The Gujarat Government has resolved to speed up the establishment work of the Petroleum, Chemical and Petrochemical Investment Region (PCPIR) at Dahej.

Expediting the Union Government's target to draw investments worth US $20 billion in the PCPIR by 2020, the Gujarat Government has decided to attain this target by 2015, and to grow these investments to two fold in the next five years after 2015.

Maheshwar Sahu, Principal Secretary of the Industries Department, who divulged above information while speaking at a conference on 'Gujarat: The petrochemical hub', organized by ASSOCHAM stated that, the preliminary work in respect of PCPIR in Dahej has been concluded.

He further stated that, preliminary work on an area of 453 sq km in the region has been completed, and added that, Rs. 32 billion have been allocated for investing in infrastructure development, while another Rs. 700 billion have been allocated for investing in other establishments.

The official while guaranteeing cent percent support from side of government said that, over the last few years Gujarat has completely transformed itself into a powerful State with a capability to compete with developed countries.

ASSOCHAM proposed that the two main aspects on which the success of PCPIR is dependent include, allowing 100 percent FDI in PCPIR and setting up a chain of Special Economic Zones (SEZs).

Secretary General of ASSOCHAM, D S Rawat stated that, improved refining capacity has added to availability of naphtha, which has persuaded the petrochemical giants to launch major downstream expansion in naphtha crackers.

Also the growth rate of petrochemical capacity which for the last five years, hovered around three to four percent per year, is likely to rise by four times to touch 12 to 15 percent per annum in coming five to seven years.

Fibre2fashion News Desk - India

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