India should take full advantage of falling oil prices world wide as it has translated into saving of more than 60 Billion to the Indian Government besides benefitting the industries that use oil and its derivatives .
“The government instead of wasting this money on subsidies should use it for setting up new projects and help generate more jobs in the country. There are concerns about weakness in the global economy due to falling oil prices but the sustained fall in crude oil prices is positive for India's economy “ said Mr B Narayan,Group President, Procurement and Projects , Reliance Industries Limited (RIL) while inaugurating Three day global Exhibition and Conference on Chemicals, Petrochemicals, Pharmaceuticals, , Processing Technology, Plant, Machineries, Fertilizers, advanced automation and water technologies titled ‘Chemtech Gujarat World Expo 2016’ here today in Ahmedabad, Gujarat.
“RIL on its part taking cue from the falling prices has taken several initiatives to meet the situation including bringing down wastage of raw materials, cost cutting, entering Petcoke gasification sector as well as plan to produce Four Million tonnes of new petrochemical products including Polyethylene, Ethylene and polymers from its coming up new Phase III Jamangar expansion facility. The $10-billion petrochemicals expansion will help the Mukesh Ambani-led company to offset declines in refining earnings” said Mr Narayan.
“Fall in oil prices will affect companies involved in enginnering Procurement and construction (EPC) including L& T ,but companies have to take short and mid term plans during times of oil prices volatility. These include Enlisting the entire company in lowering general and administrative costs to form a leaner organisation. Tightening supply chain, increasing manufacturing efficiency and negotiate for long-term feedstock contracts for oil products like ethane and naptha would help to enhance price resilience” said Mr Subramaniam Sarma, ,CEO and MD, L&T Hydrocarbon engineering, while delivering the key note address at Chemtech Gujarat Expo.
“About 200 major processing equipment and machinery manufacturers for chemical industry, industrial automation technology providers from 14 countries including India will be show casing their latest state of the art technologies and services for application across refining petrochemical, Fertilizer, Pharma ,Biotechnology and various other related manufacturing industries during the Three day mega event Chemtech Gujarat Expo 2016.” Said Mr Maulik Jasubhai,Vice Chairman & Chief Executive, Jasubhai Group and Chemtech Foundation.
The Chemtech World Expo and conference has been organised by Chemtech Foundation along with Government of Gujarat, Indian Extention Bureau (iNDEXTb) with support from Ministry of Chemicals and Petroleum, Government of India at Gujarat University Convention and Exhibition Centre in the heart of Ahmedabad city.
“ CHEMTECH Gujarat World Expo 2016 will also help create a common platform to bring the entire ecosystem of the chemicals manufacturing and the allied services providing sectors with the Concurrent events as part of the global expo including Engineers Procurement Construction (EPC), Industry Automation & Control, Pumps Valves & Fittings; BIO-Pharma and international conferences on Refining & Petrochemicals and Specialty Chemicals” said Mr Jasubhai.
Industry Stalwarts who will address the audience during the various seminars will include Mr B Narayan, Group Projects (Procurement and Projects), RIL, Mr P D Samudra, Managing Director, TKIS – India (earlier UHDE India),Mr K Ravindranath, Sr VP & Whole Time Director, L&T Hydrocarbon Engineering, Mr Nanda kumar, Managing Director, Chemtrols Industries Pvt Ltd, Mr A B Pandya, Chairman Central Water Commission, Ministry of Water Resources ,Mr YPS Suri, President, IItians for Holy Ganga and MD Outokumpu India,MR S.K Nanda ,CMD, Gujarat State Fertilizer Corporation Ltd, Chairman-cum-Managing Director, Nalco and A M Tiwari, MD of Gujarat Alkalis and Chemicals Limited (GACL).
The major companies participating in the Expo include India Oil, Gujarat Refinery, Gujarat State Fertilizer and Chemical Limited, GACL, Tubocex Group, Samson, Outokumpu, Chemtrols, K-Pack Enprotech and Advanced Valves.