"My vision for India's energy future has four pillars... Energy Access, Energy Efficiency, Energy Sustainability & Energy Security"
"For the first time in the history of the world, three public-sector companies have come together to develop the world’s largest green field refinery at the cost of US $ 40 bn. This is going to help India to influence the ever-changing market dynamics in the oil industry and we hope to drive international markets to become more competitive for the benefit of our citizens and our neighbours
This project, with an estimated investment of over Rs 3 lakh crore, would bring huge benefits to the region and the entire country in terms of large-scale employment generation, direct and indirect, as well as all-round economic development"
Industrial development has had an important role in the economic growth of any nation. Industrialisation along with accelerated growth has helped reducing poverty and has improved the standard of living of the people in many countries. The oil and gas sector is critical component of the country's economy, accounting for all round development. Even as alternative energy resources expand in commercial space, petroleum and gas will remain important for many manufacturing processes as ingredients and we believe they are here to stay.
Induction of disruptive technologies may drive oil and gas industry to refocus on alternative strategies like moving from Oil to petrochemicals. No one can say with certainty what the future will bring, but what actions oil and gas companies take today will reshape the future of the energy industry and it will be the cornerstone of economic growth.
In the move to provide shift in our strategy for Oil to petrochemicals, IndianOil along-with state oil companies have identified Ratnagiri as the next growth destination for the country. 70 Km south of the beautiful mango town, Babulwadi will be the home to the world's largest integrated refinery cum petrochemical complex.
India is one of the fastest growing economies globally, but our petrochemical use is one-fourth the world average. In the drive to promote durable, cheaper materials in industries such as farming and food packaging there is a shift from Oil to petrochemicals. India's per capita consumption of synthetic polymers, for instance, used to make various grades of plastics, is just 10 kg (22 lbs) a year, compared with a global average of about 35 kg.
Globally there are increasing trend of setting up petrochemical complexes to maximise value chain of downstream products. Government of India has drawn ambitious plans to set up a number of petrochemical clusters, in east and west coasts, and in south India. These clusters will not only provide petchem derivative products but will catalyse the economic development of the area.
The complex at Babulwadi is slated to house World class state of the art best in class refinery, Aromatic complex and petrochemical complex having over 50 units. Designed to operate with highest level of efficiency the complex will be self-sufficient in power and utilities requirement and will be benchmark eco-friendly unit of its kind.
In order to minimize the impact of the project on the environment, due attention is being given for implementing effective pollution control measures. It will be the endeavour at design stage itself to mitigate the problems related to health, safety and environment. The design basis for all process units lays special emphasis on measures to minimize the effluent generation at source. The combination of right configuration and the technology selection will help control emission to a level of half of the existing refineries of one fourth the size. In addition, to minimize the environmental impact of liquid effluent, State of the art effluent treatment plant will be followed by maximum recycle of treated water for reuse. Elaborate pollution control measures will ensure marine life and health of fisherman is not affected. The treated waste shall be used for gardening purpose.
Considering the scale of the project, there will be large scale opportunities for business, self-employment in the vicinity. The development of ancillary industry as well as the infrastructural facilities around the complex will result in new growth opportunities leading to development of this region which will finally help in enhancing the living standards of the locals. Through the proposed skill development centre, the younger generation will be able to enhance their skills to make them employable and seek positions in derivative industries which will be a part of this project.
On the first-year completion of this magnificent enterprise, all of us are aware that we are stepping on to a challenging journey of realizing it’s far reaching vision.
The considerable progress made during the past year stands testimony to unstinted support and unwavering conviction displayed by all the stakeholders. The best measures have been that we have not waited for the conditions to be perfect, we understand that beginnings make the conditions perfect.
My best wishes to each one who is part of this journey and looking forward to your continued support for marking new beginnings.