Indian refiners aim to expand petchem output
Bharat Petroleum and Hindustan Petroleum will each reportedly spend USD15 billion to expand their production capacities while they aim to lift their business share 10% in total revenues. Indian Oil Corp. is also planning to invest USD4.7 billion in petrochemicals expansion.
According to a spokesman from the Chemical and Petrochemical Manufacturing Association in India, demand for petrochemicals is expected to increase by 10 million tons until 2019-2020. This reportedly means a growth of up to USD70 billion in the domestic petrochemicals market.
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