Page 12 - AsianOil Week 10 2021

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SOUTH ASIA Shri Pradhan also highlighted the Ministry of Petroleum & Natural Gas Shri
importance of a skilled workforce in this Tarun Kapoor and ONGC CMD Shri Shashi
MoU signed for Paradeep downstream Industry for which the Institute Shanker, in Shastri Bhawan, New Delhi.
of Chemical Technology, Mumbai and
On this occasion, ONGC CMD said that
Plastic Park between IOCL IndianOil have joined hands to set up a ONGC is aligned to the government’s vision
world-class Centre of Excellence in Chemical
of increasing the share of gas in the energy
and IDCO; Engineering and Technology at Bhubaneswar. mix to 15% by 2030. “We believe that the gas
As part of the MoU signing, to attract
markets are key to facilitating the efficient
Indian Oil Corporation Limited (IOCL) and investments in downstream polymer industries and competitive gas trade in India. ONGC is
Odisha Industrial Infrastructure Development at Paradip Plastic Park, IndianOil announced a pleased to be part of the Indian Gas Exchange
Corporation (IDCO) today signed an Special Strategic Incentives scheme. An incentive and we look forward to develop the gas
Memorandum of Understanding (MOU) to of Rs 2000/MT on Polypropylene granules markets in the country through joint and
develop Paradip Plastic Park. The MoU was from Paradip Refinery shall be offered to the synchronised efforts in the coming years.”
signed on a hybrid mode, in the presence of manufacturing units located in the Paradip Indian Gas Exchange Ltd. (IGX) is India’s
Minister of Petroleum & Natural Gas and Plastic Park till 31.3.2030. It is estimated that first automated national level Gas Exchange
Steel Shri Dharmendra Pradhan, Shri Naveen around 26 units will come up at the plastic Park to promote and sustain an efficient and robust
Patnaik, Chief Minister of Odisha and other with an estimated investment of 500 Crores Gas market and to foster gas trading in the
dignitaries. and is likely to generate direct and indirect country. Indian Gas Exchange (IGX) would
Addressing on the occasion, Shri employment of 6,000. play an important role to facilitate achieving
Dharmendra Pradhan said, “Keeping the IOCL, March 9, 2021 the Government of India’s target of increasing
enterprise and employment generation share of natural gas in India’s energy basket
potential of the plastic sector in mind, ONGC acquires 5% stake in from current 6.5% to 15% by 2030.
Government of India has initiated the cluster IGX started operations on 15 June 2020 as
development of the Industry through its Indian Gas Exchange (IGX) a gas trading platform and has been operating
Plastic Park scheme. Currently, six such parks as the Gas Exchange since December 2020.
have been approved by the Government of Oil and Natural Gas Corporation Limited The Exchange operates under the regulatory
India, with Paradip Plastic Park being one (ONGC) has signed a Share Purchase and framework of Petroleum and Natural Gas
of them.” Shri Pradhan further added that Shareholders Agreement (SPSHA) with the Regulatory Board (PNGRB). Apart from
Odisha would become the nerve centre of Indian Gas Exchange (IGX) and the Indian ONGC, GAIL, Torrent Gas Private Limited,
industrialisation through rapid development Energy Exchange (IEX) on 10 March 2021 to Adani Total Gas Limited have already
in petrochemical, chemical, polymer, textile acquire 5 per cent equity in IGX. The SPSHA acquired 5% equity each.
and fibre sectors. was signed in the presence of Secretary, ONGC, March 10, 2021

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