Jaipur, Jan 28 (IANS): Aiming to bring in big investors in the petroleum and value-added petrochemicals space, the Rajasthan government rolled out the red carpet for the global oil and petrochemical majors to set up operations in the upcoming Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) at Barmer.

A global virtual meeting was held on Wednesday between potential investors from across the world and state government officials to promote investment in the region. The meet was jointly organised by the Rajasthan State Industrial Development and Investment Corporation Limited (RIICO) and the Confederation of Indian Industries (CII).

Delegates from the embassies of the UAE and Brazil along with representatives of nearly 100 companies from India, Saudi Arabia, UAE, Oman, Germany, UK, USA, Switzerland, the Netherlands, France, Japan, Singapore, Taiwan, Brazil, Bahrain, Jordan, South Korea and other countries participated in the global meet.

Representatives of important stakeholder associations like CHEMEXCIL and IFIBCA also participated.

According to officials, the first phase of development of the project would see around Rs 15,000 crore from top global players and will generate around 1.5 lakh job opportunities.

They confirmed that the Rajasthan government and RIICO will provide industrial land to the global investors at the PCPIR by July 2021.

Representing the state government, senior ministers and officials assured investors of support and opportunities in the sector. "It is the first global dialogue for investment, however, we wish to hold it as a continuous process for facilitating investments in the region," said Industries Minister Parsadi Lal Meena.

The PCPIR is being developed by RIICO in Barmer district of Rajasthan. A range of petrochemical products, including polyethylene, polypropylene, butadiene, benzene and toluene from the refinery will be available for the downstream industries in the region. Situated nearly 9-13 kms from the much-hyped Barmer refinery, the first phase includes 93 industrial plots spread over 243 hectares.

The state government through the dialogue also sought suggestions to improve the investment ecosystem. "A new mining policy is being drafted and the suggestions of the participants are most welcome and they will be included for consideration of the state government," said Pramod Jain Bhaya, Minister for Mines.

The state government's efforts for the global auction drew appreciation from HPCL chairman Mukesh Kumar Surana. He said that early commencement of work on the PCPIR will give investors adequate time before operations of the refinery commence next year. He said that there was some impact of the COVID pandemic on the development of the refinery, however, the work has now resumed at a normal pace.

Principal Secretary of the Chief Minister and Chairman RIICO, Kuldeep Ranka, highlighted the advantages of investment in the PCPIR.

During his presentation on the opportunities in the petroleum sector, MD RIICO, Ashutosh Pednekar stated that India's per capita plastic consumption at near 11 kg is much less compared to the world average of 33 kilograms per capita, thus emphasising the huge growth potential in petrochemical products.