India is set to receive $87 billion in investments over the next decade to meet rising petrochemical demand. As per Oil Minister Hardeep Singh Puri, India’s petrochemical sector, valued at $220 billion, might grow to $300 billion by 2025. Companies like Haldia and ONGC have committed $45 billion toward this goal.
India is poised to attract $87 billion in investments over the next 10 years to address growing demand in the petrochemical sector. According to Oil Minister Hardeep Singh Puri, the sector, currently valued at $220 billion, could expand to $300 billion by 2025, with companies like Haldia and ONGC already pledging $45 billion towards this development.
The country is expected to see an influx of $87 billion in investment over the next decade to meet the increasing demand for petrochemicals, said India’s Oil Minister Hardeep Singh Puri on Friday.
Speaking at the India Chem 2024 event in Mumbai, Puri highlighted the growing demand for a wide range of petrochemical-based products, driven by the rising number of citizens entering the middle class. “As more people transition into the middle class, the demand for various products, many of which are derived from petrochemicals, will rise significantly,” he stated.
Puri also pointed out that India’s per capita petrochemical consumption is still much lower than that of developed countries, creating a significant opportunity for further investment in this sector.
India consumes between 25 and 30 million metric tons of petrochemical products annually, and the chemical and petrochemical industry, valued at $220 billion, is projected to reach $300 billion by 2025, Puri added.
Countries like India, China, and regions such as the Middle East have been enhancing their domestic petrochemical production to boost oil refining capabilities, even as the global focus shifts towards cleaner energy alternatives.
Both state-run and private oil companies in India, such as Nayara Energy and Haldia Petrochemicals, have announced plans to increase their production capacity.
Puri mentioned that companies including Haldia, ONGC, and BPCL have already committed $45 billion in investments, with an additional $100 billion projected to be needed to meet growing demand and support India’s transition towards a lower-carbon future.
However, he did not provide a specific timeline for the projected investment.
India’s petrochemical production is expected to increase from 29.62 million tons to 46 million tons by 2030, Puri said.
