Petrochemicals

India eyes ending import tax on US ethane and LPG in trade talks: Report

India levies import taxes of 2.5 per cent on ethane, mainly used as a feedstock for producing petrochemicals, and propane and butane

Despite global lags, India to remain bright spot for petchem demand in 2025

Global petrochemical margins are expected to stay depressed for a few more years amid weak demand from top petrochemical consumer China

Unlocking potential: India's path to a robust petrochemical industry

With a market size of $220 billion, the Indian chemicals and petrochemicals sector contributes about 6 per cent to the GDP and provides employment to over 5 million people

BPCL plans $11 billion refinery project in southern Andhra Pradesh

India wants to emerge as a major refining hub supplying fuel to the global markets as Western companies are cutting crude processing capacities in favour of energy transition

Raise import duty on petchem to protect domestic industry: Ficci asks govt

Fearing that countries like China may take advantage of low import duty to dump petrochemical products in India, a top trade body has sent an SOS to the government seeking hike in customs duty to protect the domestic industry and jobs. The Petrochemicals and Plastic Committee of the Federation of Indian Chambers of Commerce and Industry (FICCI) has written to Ministry of Chemicals and Fertilizers seeking hike in customs or import duty on polypropylene and polyethylene - vastly used in automobiles, packaging, agriculture, electronics and medical devices as well as in construction - from 7.5 per cent to 12.5 per cent. India is short on petrochemicals. Taking into account the capacity additions announced so far, the projected deficit of polypropylene and polyethylene is likely to reach 12 million tonne per annum or USD 12 billion at current price levels by 2030. While the domestic Indian producers are caught in the cyclical nature of the business, China is scaling up petrochemicals ...

Atlantic Navigation from India sanctioned for trade of Iranian petroleum

India-based Atlantic Navigation OPC Private Limited was slapped with American sanctions on Thursday on charges of trade of Iranian petroleum and petrochemicals. The United States imposed sanctions on Thursday on four entities and three vessels involved in the trade of Iranian petroleum and petrochemicals, which generate billions of dollars' worth of revenue for the Iranian regime, the Department of Treasury said. "Iran continues to rely on its shadowy network of vessels, companies and facilitators to finance the development of its nuclear programme, the proliferation of its weapons systems and support to its proxies," said Acting Under Secretary for Terrorism and Financial Intelligence Bradley T Smith. Simultaneously, the Department of State also imposed sanctions on four entities engaged in the Iranian petroleum trade and identified six vessels as blocked property. Iran's oil exports are enabled by a network of illicit shipping facilitators in multiple jurisdictions who, through ..

Barmer refinery & petrochem hub may begin processing crude next month

Mechanical completion of the project remains at 82%, commissioning to begin in March

Manali Petrochemicals' net profit in Apr-Sep drops to Rs 13.22 cr

Manali Petrochemicals Ltd on Tuesday reported a consolidated profit after tax of Rs 13.22 crore for the six-month period ending September 30, 2024. The city-headquartered petrochemical manufacturer had registered a profit after tax of Rs 14.97 crore during the corresponding period last year. For the year ending March 31, 2024, the profit after tax was Rs 19.21 crore. In a statement, the company said that revenue and margins continued to be affected mainly due to the dumping of imported materials at cheaper prices, coupled with rising raw material costs. "Although the company has suffered a loss on a standalone basis for reasons beyond its control, the continued operational performance of the overseas subsidiaries helped the company achieve a positive position on a consolidated basis during the quarter under review," the company stated. The total income for the six-month period ending September 30, 2024, stood at Rs 482.79 crore, compared to Rs 586.41 crore for the year-ago period.

India, Saudi to boost cooperation in petrochemical, mining sectors

India and Saudi Arabia on Wednesday discussed ways to enhance cooperation in areas of fertilizers, petrochemicals, and mining to boost trade and investments. These sectors were discussed during a meeting between Commerce and Industry Minister Piyush Goyal and Saudi Minister for Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef in Riyadh. Goyal is in Riyadh on an official visit. "We further deliberated and explored potential areas for cooperation in the fertilizers, petrochemicals, and mining sectors," Goyal said in a post on a social media platform. Goyal also held bilateral talks with Khalid Al Falih, Minister of Investment, Saudi Arabia. "We engaged in insightful discussions on facilitating investments and explored significant opportunities for collaboration across sectors such as pharmaceuticals, automobiles and petrochemicals," he said. The minister also inaugurated the 'Lulu Wali Diwali' at the Lulu Hypermarket. "From the Apple orchards of Ladakh to the markets o

PetroChina set to shut top north China's largest domestic refinery in 2025

Dalian represents 3 per cent of China's refinery capacity and shutting the site should cut into the country's world-leading crude imports

Odisha set to lead petrochemical sector: Union minister Anupriya Patel

Union Minister Anupriya Patel on Friday said Odisha is ready to become a leader in the petrochemical sector which is projected to be a USD 1 trillion industry by 2047. Addressing a conference "Advanced India: Indian Chemicals and Petrochemicals Paving the Future" here, she said the eastern state with its skilled manpower and strategic coastal location is poised to become a major hub in the sector. She also said the India Chem 2024 summit, scheduled to take place in Mumbai from October 17-19 after a two-year hiatus, is expected to attract significant global participation. Odisha, with its skilled manpower and strategic coastal location, is poised to become a major hub for chemicals and petrochemicals, and will offer vast opportunities for manufacturing, employment and exports, Patel, the minister of state for chemicals and fertilizers, said. The sector, currently valued at USD 220 billion, is projected to surpass USD 1 trillion by 2047, she said, adding that the government's focus o

Thermax Babcock bags order worth Rs 513 cr to supply 2 boilers in Botswana

Thermax Babcock & Wilcox Energy Solutions on Friday said it has bagged a Rs 513-crore order from a leading industrial conglomerate to supply two boilers for an energy project in Botswana, Southern Africa. The company will supply two 550 TPH CFBC (circulating fluidised bed combustion) boilers over a period of 23 months, according to a company statement. Thermax Babcock & Wilcox Energy Solutions Ltd (TBWES), a wholly owned subsidiary of Thermax, has concluded an order of Rs 513 crore from a leading industrial conglomerate, setting up a 600 MW greenfield energy project in Botswana, Southern Africa, the statement said. This order will support the development of the first phase i.e. the 300 MW power station being established by the customer. The designing, engineering, manufacturing, testing, supply, supervision of erection & commissioning, and performance testing will be undertaken by TBWES. The power generated is intended for sale to the national utility power company for ...

Reliance acquires petrochemicals step-down subsidiary for Rs 314 cr

Reliance Industries Ltd on Wednesday said it has acquired a step-down subsidiary engaged in the manufacture of petrochemicals and hydrogen, for Rs 314.48 crore. In a stock exchange filing, the firm said Reliance Chemicals and Materials Ltd (RCML) is a step-down wholly owned subsidiary of the Company through Reliance Projects & Property Management Services Ltd (RPPMSL). "It is proposed to make RCML a direct wholly owned subsidiary and hence, the company has today, at around 3:15 p.m., acquired a 100 per cent equity stake of RCML from RPPMSL for an aggregate consideration of Rs 314.48 crore," it said. RCML was incorporated in India on November 2, 2022, to undertake the business of manufacturing petrochemicals, vinyls, hydrogen & its derivatives, rare and industrial gases, bio-energy products and carbon fibre. "The transaction is between the company and its wholly-owned subsidiary and hence a related party transaction. It is on arm's length basis," Reliance said adding no ...

Shares of Gujarat State Petronet tank 20% on PNGRB's revised tariff order

Petroleum and Natural Gas Regulatory Board (PNGRB) issued a tariff order for GSPL's HP gas network. The revised tariff will be applicable from May 1, 2024

Mundra Petrochemicals places chlor-alkali project order with Nuberg

Nuberg company executives said the project was awarded in March this year and will be completed over the course of the next 15 months

Haldia Petrochemicals breaks ground on Rs 3,000 cr chemical plant in Bengal

Petrochemical major Haldia Petrochemicals Ltd on Wednesday announced that it has carried out the groundbreaking ceremony for India's largest phenol plant in West Bengal's Haldia. The Rs 3,000 crore project is expected to be completed by the first quarter of 2026. The ceremony marking the beginning of piling work was attended by senior officials of the company. This plant is also the first on-purpose propylene plant in India based on Olefin Conversion Technology (OCT) from Lummus Technology. It will enable the city-based HPL to become India's first integrated player in the phenolics chain. The phenol plant will have a production capacity of 300 kilo tonnes per annum of phenol and 185 KTPA of acetone. The overall chemical business portfolio is expected to increase by an additional Rs 5,000 crore with the commissioning of the plant, as stated by the company earlier.

Two new multi-billion-dollar petrochemical plants to weigh on markets

While producers remain bullish longer term, largely off the back of economic growth in India and China, the splurge in new capacity is weighing on markets near term

ONGC plans to invest Rs 1 trillion to set up two petrochemical plants

India's top oil and gas producer ONGC plans to invest about Rs 1 lakh crore in setting up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition, top company officials said on Wednesday. Crude oil, which companies like ONGC pump out from below seabed and underground reservoirs, is a primary source of energy. It is processed in oil refineries to produce petrol, diesel and jet fuel. With the world looking to transition away from fossil fuels, companies around the globe are looking at new avenues to use crude oil. Petrochemicals are chemical products derived from crude oil and used in the manufacturing of detergents, fibres (polyester, nylon, acrylic etc.), polythene and other man-made plastics. At an investor call on the company's second-quarter earnings, Oil and Natural Gas Corporation (ONGC) Director (Finance) Pomila Jaspal said the firm is looking to build separate oil-to-chemical (O2C) projects. She, however,

GAIL Q2 results: Profit jumps 56% to Rs 2,404 cr, operational revenue down

State-owned gas utility GAIL (India) Ltd on Tuesday reported a 56 per cent jump in its September quarter net profit as bumper earnings from gas transmission and marketing business offset petrochem losses. Standalone net profit of Rs 2,404.89 crore in July-September, or Rs 3.66 per share, was 54.4 per cent higher than Rs 1,537.07 crore, or Rs 2.34 a share, profit in the same period last year, according to the company's stock exchange filing. GAIL saw pre-tax earnings from its mainstay gas transportation business soar 82 per cent to Rs 1,290.65 crore in the second quarter of the current fiscal. Also, its pre-tax earnings from the marketing of natural gas also jumped almost 400 per cent to Rs 1,784.58 crore. Losses in the petrochemical business narrowed to Rs 160.61 crore from Rs 346.22 crore in July-September 2022. Its revenue from operations dropped to Rs 31,882.62 crore in July-September from Rs 38,490.89 crore on lower gas prices.

TMSEp488: Petrochemical PLI, farm export ban, markets, no-confidence motion

Why does the chemicals and petrochem sector need PLI? Do India's farm export bans hurt farmers? Will FPI flow into Indian equities slow from here on? What is a no-confidence motion? All answers here