Page 130 - CW E-Magazine (2-1-2024)

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INVESTMENT DESTINATION
MoUs worth overs Rs. 67,000-crore in petrochemicals

signed ahead of Vibrant Gujarat Summit

As many as 11 Memoranda of Un-
derstandings (MoUs) amounting to a
total of Rs. 67,000-crore investment
potential were signed at a pre-Vibrant
Gujarat Global Summit event held in
Bharuch on December 23.

The event, ‘FutureChem Gujarat:
Shaping tomorrow’s Chemicals and
Petrochemicals Industry’, brought
together policymakers, industry stake-
holders, and academicians to discuss
future initiatives.
“In 2024, we are organising the The Vibrant Gujarat Global Sum-
“The way petrol and chemicals are Vibrant Summit with the theme of mit was initiated in 2003 by then Chief
being traded in Gujarat, the state is ‘Gateway to the Future’. The chemical Minister Narendra Modi, to put Gujarat
moving towards becoming the hub of and petrochemical sector is one of the on the world map of trade and industry.
this industry,” Gujarat Chief Minister, sectors that take sustainable industry The tenth edition of the Summit will be
Mr. Bhupendra Patel said in his address. growth further,” the CM said. held from January 10-12, 2024.
GROWTH ENABLERS
‘Decarbonisation, competitive pricing to aid growth

of gas-based economy’

De-carbonisation efforts and com- Marking its third anniversary, IGX bulletin boards, and standardising gas
petitive pricing, among others, can released a report on the gas sector, purchase and transmission agreements.
help in the proliferation of a gas-based which was launched by the PNGRB
economy, according to Mr. A.K. Jain, chief. The report charts a strategic He added that the power sector,
Chairman, Petroleum and Natural Gas roadmap through a short, medium and having undergone regulatory evolution,
Regulatory Board (PNGRB). long-term policy, and regulatory inter- is now two decades ahead of the gas
ventions to meet the goal of a gas-based sector. To bring the latter up to par, it is
“A gas-based economy can happen economy. It identifi es measures such essential to implement simplifi ed trans-
on three pillars: decarbonisation, ensur- as shortening capacity booking time- portation tariffs and GST in the sector,
ing competitive pricing for consumers, frames, establishing an independent emphasising that such reforms are inte-
and through fi scal contribution to the system operator, and bringing natural gral to preventing market segmentation
state and central coffers by stopping gas under the GST regime. and fostering further evolution.
leakage from competing fuels. As we
navigate the intricacies of transitioning Former PNGRB Chairman, Mr. IGX’s MD & CEO, Mr. R.K.
to cleaner energy, the government’s D.K. Saraf, said a multi-faceted Mediratta, said the exchange can play a
recent announcement on carbon mar- approach is imperative to ensure the key role in enabling India’s transition to
kets is a key positive signal,” Mr. Jain seamless functioning of the gas exchange, a gas-based economy by benefi ting gas
said at an event organised by the Indian including the establishment of an inde- producers, transporters, marketers, and
Gas Exchange (IGX) recently. pendent system operator, real-time gas consumers.

130 Chemical Weekly January 2, 2024

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