Gujarat government signs eleven MoUs worth Rs 670 billion for petrochemical sector

Gujarat government has signed eleven memorandum of understanding (MoU) entailing an investment of Rs 670 billion in petrochemical sector. The MoUs has been signed to enhance the development of the petroleum and chemical industry, given the state’s growing prominence as the national hub for speciality chemicals. The promotion of the sector is also driven by India standing as the sixth largest player in the global petrochemical industry. Besides, out of the total USD94.6 billion chemical industry in India during 2017-18, Gujarat accounted for USD31.5 billion. Likewise, of the USD137 billion coke and petroleum industry, the state contributed USD50.8 billion. The state has four refining complexes having cumulative capacity of 102 million tonnes per annum.