Bhubaneswar: The Indian Oil Corporation Ltd. (IOCL), under the aegis of the ministry of petroleum and natural gas, is organising a first-of-its-kind petrochemical investors conclave on November 16 to attract investments in the petroleum and plastic sectors.

Addressing a press conference, chief general manager, IOCL, Odisha unit Pritish Bharat, said: "The conclave aims to highlight the emerging investment opportunities in the petrochemicals sector in Eastern India and help catalyse investments in the downstream plastic parks and textile parks proposed to be developed in Eastern India. The theme of the conclave is Purvodaya - The Dawn of New Investment Opportunities in Eastern India."

Union minister for chemicals and fertilisers Ananth Kumar and Union minister for petroleum and natural gas Dharmendra Pradhan will grace the conclave. Senior officials of the ministries of petroleum and natural gas and chemicals and fertilisers, CEOs of oil and gas sector companies and other dignitaries, will taking part in the event. Bharat said: "Eastern India is poised to chart a high growth path in the coming years and offers immense potential for the growth of the plastics and textile industries. The region has access to a plethora of raw material necessary for the optimal development of these industries."

He said:"The conclave will identify ways and means to leverage these resources and advantages,together with skilled manpower."

Chief general manager, IOCL, petrochemical marketing Sujoy Choudhury, said: "The conclave will serve as a platform for young investors to interact with business leaders of the petrochemicals industry, government functionaries, financial institutions, supply chain professionals as well as incubators in the academia at one place.

The conclave will discuss the cost economics of projects in the petrochemical intermediates value chain and innovative financing schemes for entrepreneurs and start-ups. "Importance will be given on incentive framework being offered by various government agencies and technical process details," said executive director, Paradip Refinery, G.S. Singh.