That’s prompting India’s biggest oil refiners and Sabic’s parent, Saudi Aramco, to invest billions of dollars in oil-to-chemicals projects in the country.
NEW DELHI: Saudi Basic Industries Corp (Sabic) is seeking to play a bigger role in India as the nation’s net-zero target boosts solar power and electric vehicles, creating demand for specialty plastics and chemicals.
India’s US$178bil (RM744.08bil) chemicals market is already the sixth-largest in the world and is set to expand further over the next few years as rising disposable incomes and changes in consumption patterns boost the use of cars to consumer goods, according to ratings agency ICRA.
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