Petcoke Market Could Witness Positive Growth Rate in India Due To Rise in Investments.
The Asian petcoke market
is growing rapidly. India is one of the emerging markets and the second largest petcoke producer after China within Asia. The petcoke market in India is expected to witness strong growth in the future due to increased investments in petrochemical sector.. Many companies in India are taking new initiatives which will attribute to the positive growth rate. Reliance industries limited, one of the large business giant in India has taken a new initiative named digital platform project and also invested huge amount of money in the expansion of its existing petrochemical business at Jamnagar refinery. The company’s petrochemicals project on petcoke gasifiers and off-gas crackers at Jamnagar is expected to commence its operations in early 2016.
In the similar way, the other expansion was undertaken by Indian Oil Corporation, the largest business enterprise in India. Indian Oil Corporation invests more than Rs 15,000 crore to set up a petcoke gasification plant and also invests Rs 13,000 crore for paraxylene-PTA and glycol units in Paradip. The company would commence these three petrochemical operations by 2020.
In December 2015, Kerala government announced to set up first petcoke based power plant. The plant uses the petcoke produced from Kochi Refinery’s Integrated Refinery Expansion Project (IREP) to produce power. IREP project is expected to be completed in May, 2016 which yields 1.4 MMTPA of petcoke. This petcoke is further used to produce around 500-600 MW of power in the planned petcoke based power plant. In the similar way there are many business expansions to be seen in the future.
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