News Release Details

IndianOil organises the 5th edition of Petrochemical Conclave
New Delhi 05-Feb-2016

IndianOil organised the 5th edition of IndianOil Petrochemical Conclave held at Mumbai today which brought together luminaries from global and Indian petrochemical industry to deliberate on the theme “Petrochemicals Vision 2025 – Challenges and Opportunities.”

Speaking on the occasion, Chief Guest, Hon’ble Minister of State (Independent Charge), Ministry of Petroleum & Natural Gas, Government of India, Shri Dharmendra Pradhan, said that the entry of Oil & Gas PSUs into the field of Petrochemicals has ushered in many big ticket petrochemical projects in the country. The recent entrants in the field of Petrochemicals have been Hindustan Petroleum Corporation in collaboration with Mittal Energy Ltd (HMEL) and MRPL. ONGC Petro Additions Ltd (OPAL) is also expected to join the league during the current fiscal, he said. Talking about the growth of the Petrochemicals Industry in India, he went on to say that the watershed moment in the Petrochemical scenario can be defined as IndianOil’s entry into the fray with big ticket investments of around Rs 20,500 crores (USD 4.12 billion) in the various segments of Petrochemicals including Detergent, Polyester and Plastic raw materials fields. He also spoke about IndianOil’s planned future investments worth Rs 30,000 crores in various petrochemical streams. These projects would create massive employment opportunities – direct employment to around 10,000 people and indirect employment to around 1million people. Further these investments would spur the setting up of around 800-1000 downstream converting industries in the MSME sector, propelling the growth of entrepreneurial landscape. These mega projects when fully operational are expected to also save huge valuable foreign exchange over their entire life cycle.

Mr. B Ashok, Chairman, Indian Oil Corporation Ltd., highlighted that Petrochemicals have been identified as a prime driver of future growth by IndianOil. He shared IndianOil’s plans to invest Rs 7,650 crore in setting up a petrochemical complex at its Paradip refinery in Odisha in the next 3-4 years. The complex will have a 700,000 tonnes per annum polypropylene (PP) plant and ethyelene derivatives complex to manufacture around 350,000 tonnes of mono-ethyelene glycols (MEG). Mr. Ashok added that IndianOil is now looking at new projects for acrylic acid/acrylates, oxo-alcohol and hydrocarbon resin, besides ethylene derivatives and expansions in the existing product line.

The event witnessed overwhelming participation from global industry experts who engaged in vibrant discussions on a wide range of issues related to petrochemicals and the new global economic order; India’s focus on polymers and the impact of crude plunge.

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The term User shall refer to the user who is browsing the site. The term IndianOil shall refer to Indian Oil Corporation Limited. The term Site refers to www.iocl.com owned and monitored by IndianOil.
By using the Site, you agree to follow and be bound by the following terms and conditions concerning your use of the Site. IndianOil may revise the Terms of Use at any time without notice to you. Areas of the Site may have different terms of use posted. If there is a conflict between the Terms of Use and terms of use posted for a specific area of the Site, the latter shall have precedence with respect to your use of that area of the Site.
IndianOil may terminate User's access at any time for any reason. The provisions regarding to disclaimer of warranty, accuracy of information, and indemnification shall survive such termination. IndianOil may monitor access to the Site.
All content present on this site is the exclusive property of IndianOil. The software, text, images, graphics, video and audio used on this site belong to IndianOil. No material from this site may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from IndianOil. All rights not expressly granted herein are reserved. Unauthorized use of the materials appearing on this site may violate copyright, trademark and other applicable laws, and could result in criminal or civil penalties. IndianOil is a registered trademark of Indian Oil Corporation Ltd. This trademark may not be used in any manner without prior written consent from IndianOil.
IndianOil does not make any warranties, express or implied, including, without limitation, those of merchantability and fitness for a particular purpose, with respect to any information, data, statements or products made available on the Site.
The Site, and all content, materials, information, software, products and services provided on the Site, are provided on an "as is" and "as available" basis. IndianOil expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
IndianOil shall have no responsibility for any damage to User's computer system or loss of data that results from the download of any content, materials, information from the Site.
IndianOil may change or discontinue any aspect of its website at any time, including, its content or features. IndianOil reserves the right to change the terms and conditions applicable to use of the Site. Such changes shall be effective immediately upon notice, which shall be placed on the Site.
In no event will IndianOil be liable for damages of any kind, including without limitation, direct, incidental or consequential damages (including, but not limited to, damages for lost profits, business interruption and loss of programs or information) arising out of the use of or inability to use IndianOil's website, or any information provided on the website, or in the Products any claim attributable to errors, omissions or other inaccuracies in the Product or interpretations thereof. Some jurisdictions do not allow the limitation or exclusion of liability. Accordingly, some of the above limitations may not apply to the User.
User agrees to indemnify, defend and hold IndianOil harmless from and against all losses, expenses, damages and costs, including reasonable attorneys' fees, arising out of or relating to any misuse by the User of the content and services provided on the Site.
The information contained in the Site has been obtained from sources believed to be reliable. IndianOil disclaims all warranties as to the accuracy, completeness or adequacy of such information.
IndianOil makes no warranty that: (a) the Site will meet your requirements; (b) the Site will be available on an uninterrupted, timely, secure, or error-free basis; (c) the results that may be obtained from the use of the Site or any services offered through the Site will be accurate or reliable.
The User's right to privacy is of paramount importance to IndianOil. Any information provided by the User will not be shared with any third party. IndianOil reserves the right to use the information to provide the User a more personalized online experience.
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