Saudi Basic Industries Corp. 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 $178 billion 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. 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. The Riyadh-based company supplies fertilizer chemicals such as di-ammonium phosphate to India and sources a range of chemicals from the country. “It’s a big market opportunity and we will play this comprehensively, which means not just produce in India for India, we will take what is available here,” Ramanujalu said.

Source: The Hindu November 18, 2021 10:38 UTC