Industry Minister of Tripura Jitendra Choudhury on Wednesday said the State is planning to capitalise its natural gas reserves in attracting investments in fertiliser and petrochemicals sectors.
“ONGC is planning to set up a fertiliser unit in joint venture with a private company,” Choudhury said addressing a conference on oil and gas organised by the city based Indian Chamber of Commerce (ICC) on Wednesday.
The oil and gas major is already setting up a 727-MW gas based power station in the State through ONGC Tripura Power Company (OTPC).
On the supply side, ONGC should be ready to produce nearly five million standard cubic metre of gas a day (mmscmd) by end of this fiscal. To add to the flow a consortium of GAIL and Jubilant Energy also struck gas in an exploratory asset.
“On an average one in every two exploratory wells drilled by ONGC so far in the State has struck gas,” he said.
Coupled with energy resources, what particularly works in favour of the State is its proximity to the Bangladesh markets.
The major industrial hubs of Bangladesh are 100-150 km away. And, Chittagong port is merely 75 km from the Tripura border.
Referring the bilateral negotiations for access rights of India in Chittagong port, the Minister said that the State Government was nurturing plans to set up logistics hubs to promote trade through the Bangladeshi port in the future.
West Bengal commerce and industries minister Partha Chatterjee who was present on the occasion, said the State government had drafted a proposed policy for promotion of renewable energy. The Policy was awaiting the State Cabinet’s approval.
Inadequate infrastructure has been plaguing the gas production industry, Roopen Roy, managing director of Deloitte and Touche Consulting India (P) Ltd, said while addressing the conference. “Establishment of gas pipelines in the eastern region would help in utilisation of natural gas,” Roy added.