Petrochem
PM Narendra Modi to lay foundation stone of Rs 49,000 cr petrochemicals complex in Bina
BPCL plans to expand Bina refinery capacity from 7.8 million tonnes per annum to 11 million tonnes. The project would also produce more than 2200 kiloton petrochemical products. Meanwhile, the government of Madhya Pradesh is supporting the project by providing fiscal incentives under State-GST refund, interest-free loan and interest subsidy assistance, concessional power and exemption of stamp duty.
Gulf Oil Lubricants to acquire controlling stake in Tirex Transmission for Rs 103 cr
The acquisition is a part of the company's global ambition towards being a leader in the EV charging ecosystem, a market which is already valued at USD 20 billion and expected to cross USD 200 billion by 2030, Gulf Oil Lubricants said in a statement.
MRPL shelves refinery growth to focus on chemicals bet
ONGC controlled Mangalore Refinery and Petrochemicals Ltd. (MRPL), is planning to expand its refinery expansion in order to boost petrochemicals production capacity with an estimate cost of around Rs. 470 billion. The plan of investment for a new production unit is in the state of Karnataka. Along with this, MRPL also plans to invest in smaller petrochemical units.
Investment opportunity of $30 billion in petrochemical sector over next decade: Hardeep Singh Puri
India's Petrochemical sector is poised for transformational growth, with opportunities for investment of $30bn available over the next decade, according to Oil Minister Hardeep Singh Puri. The sector is expected to contribute "almost 10%" of the growth in global petrochemical demand in coming years and demand from India's growing middle class is expected to boost consumption further. Chemical and petrochemical sectors support the government's 'Make in India' initiative, and petrochemicals exports account for 13% of India's total exports.
Need more private investments to address shortage of feedstock cracker in petrochem sector: Government
UPL President Global Corporate and Industry Affairs Sagar Kaushik said the world speciality chemicals market is estimated to be USD 1 trillion by 2025 and India has a huge potential to tap in this market. Right now, China has a dominant space in this area. However, global customers are looking at India to play a major supplier in future. To achieve this, stakeholders' collaboration and higher investment in R&D is required, he added.
Adani Group clarifies on Gujarat petchem project, says financial closure likely in 6 months
The Adani group said that it is hopeful of obtaining financial closure for the Mundra petchem project in Gujarat in next six months post which full-fledged procurement and construction activities at site will commence.
IOC for developing Haldia refinery into petrochemicals complex
Indian Oil Corporation (IOC) is keen to develop its existing refinery in West Bengal's Haldia into a petrochemicals complex for "sustaining operations profitably." The petrochemicals complex would supplement the refinery's current capacity of 8.5 million tonnes per annum (mtpa). The land for the project has been sought from Hindustan Fertilizer Corporation (HFC), whose factory is lying defunct.
India will contribute 10 pc of incremental global petchem demand growth: Hardeep Singh Puri
They are set to account for more than a third of the growth in oil demand by 2030, and nearly half by 2050, ahead of trucks, aviation and shipping, according to IEA. India is poised to grow strongly from its current level of only 4 per cent of global capacity to satisfy increasing domestic demand.
Essar Group plans $4.9 bln petrochemical complex in Odisha
The group also plans to set up a 14 million tonne a year export-oriented pelletizing complex in Odisha, at an investment of 120 billion rupees and with a 250-kilometer slurry pipeline, it said.
Manali Petrochemicals completes acquisition of Penn Globe Ltd
MPL would fortify its progress in new technologies while enhancing the efficiencies of existing systems and applications. It would help augment the company's capabilities in catering to its global customer base. Manali Petrochemicals Ltd is looking at implementing and scaling new technologies across India and Asia Pacific along with Europe, it said.
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Russian petrochemical giant bets big on India
Sibur started production and exports of maleic anhydride - a chemical compound which is used for production of fiberglass, artificial stone, and pharmaceuticals - this year and shipped first batches to India, Andrey Frolov, chief executive of Sibur International, told ET in an exclusive interaction.
JBF Petro admitted to NCLT after settlement talks with bidders collapse
Lenders have received separate offers from Reliance Industries, KKR, Edelweiss, Indian Oil Corporation, Dubai based Citax Energy and Assets Care and Reconstruction Enterprise (ACRE) - an asset reconstruction company backed by Ares SSG Capital.
Nayara Energy achieves financial closure for foray into petrochemical biz
In 2019, Nayara Energy had first announced its plans to expand into petrochemicals at the Vibrant Gujarat Summit. "The company signed a financial agreement with a consortium of banks led by State Bank of India for a project term loan of Rs 4,016 crore," the company said in a statement. For the proposed project, it is already in possession of required land.
Setting up of petrochemical complex in Kakinada hangs fire as Centre, AP govt continue wrangling over VGF
While the Centre insists that the Rs 5,615 crore VGF "is necessary to make the project viable," the state contends that the Rs 32,901 crore project could become viable without any VGF due to the reduction in corporate tax and interest rates.
TCG group to set up petrochemicals project in Tamil Nadu
The Purnendu Chatterjee-owned TCG group's flagship company Haldia Petrochemicals Ltd along with Lummus Technology and TCG Digital is keen to set up a portfolio of OToP projects, which will include setting up of large scale polymer units.
Tamilnadu Petroproducts to invest Rs 435 crore for capacity expansion, revamp of mfg plants
The company said post regulatory approvals, the project is expected to be completed in about 24 months. Its board also approved modernisation of its heavy chemicals division (HCD) plant.
