OMCs expansion plans in Southern region welcome sign: Rosaiah

CHENNAI: Observing that the Southern region is poised for a promising growth with announcement of Petroleum, Chemical and Petro-Chemical Investment Region, Tamil Nadu Governor K Rosaiah today said major Oil Marketing Companies undergoing expansion plans in the region is a "welcome sign".

"Southern region is gearing up for a promising growth with the announcement of Cuddalore as Petroleum, Chemical and Petro-chemical investment region." he said after inaugurating ' Chemtech South 2013' one day conference here.

"It is a welcome sign that CPCL in Chennai, Mangalore Refineries in Mangalore, Hindustan Petroleum in Vizag, Bharat Petroleum in Kochi are currently undergoing a major expansion", he said.

The Cabinet had last year approved the Tamil Nadu Government's proposal to set up a Petroleum Chemicals and Petrochemicals Investment Region ( PCPIR) in Cuddalore and Nagapattinam districts.

PCPIRs have also been approved in Andhra Pradesh, Gujarat, West Bengal and Orissa.

Rosaiah said with expansion plans undertaken by OMCs, opportunities would open for the allied service sectors.

While noting that India has made rapid strides in various fields, he said "the Indian economy currently needs a major thrust on the manufacturing sector to meet the domestic demand".

He said there has been "remarkable" growth in development of industries, particularly in chemicals and processing, pharmaceuticals and biotech, refinery and shipping.

On Chemtech South 2013, he said the exhibition would serve as a "unique" platform for chemicals, manufacturing and processing sectors to exhibit and introduce latest products and technologies, he added.