Petrochem Conclave discusses global trends & opportunities

12 Feb '14

2 min read

The 3rd annual Petrochemical Conclave held recently in Gurgaon, India, brought together several representatives from the petrochemical fraternity who discussed the various global trends and opportunities present in the sector.

Organized by the Indian Oil Corporation Ltd., (IOCL), the daylong conference was held under the theme ‘Petrochemicals—Global Trends and Opportunities’ and saw participation from several industrialists from the petrochemical sector of India as well as government officials.

While inaugurating the conference, Indrajit Pal secretary of Department of Chemicals and Petrochemicals said the Indian petrochemical industry is expected to be a key player in the manufacturing sector of the country and is estimated to push up the national Gross Domestic Product (GDP) rate from the current 16 percent to 22 percent by 2022.

According to Mr. Pal, the global petrochemical industry is undergoing an unprecedented change with the emergence of shale gas discoveries in North America particularly in the US.

The global petrochemicals market was valued at around US$ 472 million in 2011, and is expected to touch $791 million by 2018, with the annual growth rate of the petrochemical industry being around 6.7 percent over this period, as production scales are changing due to advent of mega projects and huge production volumes, he added.

At the conference, chairman of Indian Oil Corporation Ltd., (IOCL) RS Butola informed about the various initiatives taken up by IOCL, which in a short span has become the second largest petrochemical player in the country, earning valuable foreign exchange through exports of various petrochemical goods to over 50 nations.

Mr. Butola said that the Petrochemical Conclave is extremely important as a forum for the sector’s representatives for ideation and brain storming on technological advancements and market trends in the industry, which would help in the growth of the petrochemical sector of India.

The daylong conference was organized by IOCL with the objective of providing a platform for the petrochemical fraternity to come together and examine ways and means to explore and bring to fruition the tremendous growth opportunity provided by the petrochemicals sector.

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