‘South Asia has huge potential for petrochemical trade’
New Delhi   20-Mar-2013

Stating that petrochemical business with Nepal and Pakistan had grown by leaps and bounds in the past two years, IndianOil Chairman Mr. R. S. Butola said here on Tuesday that the huge trade potential of this region and South Asia had not been fully developed. He said India was playing an important role in improving the economy of the region including generation of employment and ensuring political stability.

Addressing the delegates at the Petrochemicals Conclave 2013 with the theme “South Asia – Land of Opportunities”, Mr. Butola said IndianOil started petrochemical business with Pakistan and Nepal in 2010 with around $4 million. The following year, it shot up to $50 million and in 2012 to over $100 million. “This is a clear indicator of the potential of regional trade which is largely underdeveloped in South Asia. The conclave on South Asia theme was a way to promote regional trade development to significantly improve the economy of the region besides providing much needed employment generation and political stability.”

Mr. Butola said the chemical and petrochemical industry in South Asia stands at the tip of a boom period. The Indian chemical industry is the sixth largest in the world and third largest in Asia with an annual turnover of just under $110 billion. IndianOil Propel brand petrochemicals have been exported to every nook and corner of the globe, he added. The petrochemicals business has earned valuable foreign exchange amounting to $150 million during this financial year.

“We remain committed to enhancing our presence in regional trade and remove obstacles for free flow of trade of petrochemicals with our neighbours Nepal and Pakistan,” he added.

IndianOil, he added, was actively involved with the Government in working out a road map for sustainable growth in the sector, laying particular emphasis on removing various constraints and bottlenecks faced by the industry.