Page 2 - Petrochemicals Industry

Bharat Petroleum to invest Rs 5,044 cr in PP plant at Kochi refinery

The 400,000 tonnes per annum polypropylene unit will be constructed in about 46 months from the date of the investment approval, the company said in a statement

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

MRPL posts net profit of Rs 1,059 cr in July-Sep quarter on margin boost

Mangalore Refinery and Petrochemicals Ltd (MRPL) on Wednesday reported return to profitability in the July-September quarter on the back of a refining margin boost. Net profit of Rs 1,059 crore in July-September is compared with a loss of Rs 1,789 crore in the same period a year back, the company said in a statement. The firm earned USD 17.11 on turning every barrel of crude oil into fuels like petrol and diesel in the quarter as against a negative gross refining margin of USD 4.46 per barrel in the same period last year when the international oil market was volatile in the aftermath of Russia's invasion of Ukraine. Revenue from operations however dropped to Rs 22,844 crore in Q2 from Rs 28,453 crore last year largely because of lower oil prices. PL said it had a record gross crude throughput in July of 1.43 million tonnes in July, surpassing the previous best of 1.42 million tonnes in July 2019. Before a maintenance shutdown, the refinery produced the highest-ever monthly volume o

India to set emission reduction mandates, start carbon trading from 2025

Companies which exceed their targets earn carbon credits that can be sold to firms which fall short of their goals

ICRA revises outlook for petrochemicals to negative profitability concerns

Rating agency Icra has revised the outlook on the petrochemicals and basic chemicals industries to negative from stable due to weak demand and global supply glut. Outlook on specialty chemicals remains stable, with profitability expected to moderate in FY2024, but not trigger an outlook change at this stage, it said, adding that the petrochemical and basic chemicals industries are likely to face pressure on operating rates and profitability. "The petrochemicals and basic chemicals industries have been facing headwinds on account of weak demand amid a global supply glut, owing to capacity expansions in several chemicals. "This is likely to exert pressure on the operating rates as well as profitability of the petrochemical and basic chemical players," Icra said in a statement. As for the specialty chemicals segment, while profitability is expected to moderate in FY2024, the extent is expected to be mild enough to not trigger an outlook change at this stage. According to Prashant ...

PFC inks pact to provide Rs 1,229 cr term loan to Assam Petrochemicals

State-owned Power Finance Corporation (PFC) on Monday signed a pact to provide Rs 1,229 crore term loan to Assam Petrochemicals to implement a 500 tonnes per day methanol plant at Namrup and 200 tonnes per day formalin plant at Boitamari in Assam. "PFC and Assam Petrochemicals Ltd (APL) signed a loan agreement on September 4, 2023, for extending a term loan of Rs 1,229 crore for the implementation of 500 Tons Per Day (TPD) Methanol Plant, including their 11 MW Captive Power Plant (CPP) at Namrup and 200 TPD Formalin Plant, including their Captive 0.90 MW power plant at Boitamari in Assam at an estimated Project Cost of Rs 1,827 Crore," a PFC statement said. The 500 TPD Methanol Plant, including 11 MW CPP, was inaugurated by the Prime Minister on April 14, 2023, on completion. The project, including the 200 TPD Formalin Plant, is scheduled to commence commercial operation by March 31, 2024. The APL is a state public sector undertaking of the Government of Assam (GOA), comprising GOA

Petroleum, petrochemical sector playing pivotal role: Union minister

India is the fastest growing among the major economies of the world and the petroleum and petrochemical sector is playing a pivotal role in this, Union Minister of State for Petroleum and Natural Gas Rameswar Teli said on Wednesday. He also said that Indian Oil's Panipat refinery is going to set up a green hydrogen plant of 7,000 tonnes capacity with an investment of Rs 60,000 crore. These mega projects would speed up the economic development not only in Haryana but in the country, the minister said and added that wherever such complexes are set up, many opportunities for development arise in the surrounding areas. This also helps in providing large scale employment opportunities, Teli said. He was speaking at the silver jubilee celebrations of Indian Oil Panipat Refinery and Petrochemical Complex in Panipat, a Haryana government statement issued here said. The minister said that he is sure that the way the people of Haryana have continuously contributed in the development of the .

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Indian Oil keen for developing Haldia refinery into petrochemicals complex

Oil marketing PSU Indian Oil Corporation (IOC) is keen to develop its existing refinery in West Bengal Haldia into a petrochemicals complex for sustaining operations profitably, a company official said on Wednesday. Running a standalone refinery is not sustainable in terms of profitability for which it has to be supplemented by a petrochemicals complex, he said. "We want to set up a petrochemicals complex contiguous to the Haldia refinery whose current capacity is 8.5 million tonnes per annum (mtpa)", the company official said. IOC has sought land from Haldia Fertiliser Corporation (HFC), whose factory is lying defunct, for developing the petrochemicals complex, he said. "We have sought 175 acres of land from HFC. It is near the refinery and it has been given on lease by Haldia Dock Complex (HDC) to the ministry of chemicals and fertilisers ministry. We are seeking the land for the petrochemicals project", the IOC official said. Drawing an analogy, the official said the Paradip ..

GAIL's prospects on the mend after poor Oct-Dec quarter showing

Most analysts have cut their Q4 and FY24 estimates but maintain 'buy' recommendations with price targets between Rs 115-Rs 125

Invest Rajasthan Summit proposals in implementation stage, says minister

The summit had drawn interest from local businesses, in addition to a number of those from India and outside

Chennai-based Manali Petrochemicals acquires UK-based Penn Globe

Penn Globe is a market leader in foam control agents and chemical products

Adani, TCG gear up for petrochemical foray as RIL eyes expansion in sector

Adani planning PVC plant in Mundra, Gujarat; TCG looking to make polymers, chemicals and PTA at Cuddalore, Tamil Nadu

Chemicals & petrochemicals industry must adopt safety measures: Govt

Chemicals and Petrochemicals Secretary Arun Baroka on Thursday asked the industry to take adequate safety measures for sustainable development. He inaugurated the 4th edition of Indian Chemicals Council (ICC) Sustainability Conclave on the theme of 'boardrooms to Community-ESG, Carbon Neutrality, Operational Safety, Greener Solutions' here, according to an official statement. At the event, Baroka said India has already discussed the issues of climate and sustainability and urged everyone to work for achieving the goals without waiting for any assistance from outside. The secretary also touched upon the initiatives such as PLI schemes, the government's working with industries and creating 'Ease of doing business' environment. He said the government is trying to do whatever is possible and feedback is always welcome. Talking about safety and standards, Baroka said that small steps of safety are important for sustainable development. He pointed out that one accident can create a pro

Mansukh Mandaviya asks companies to invest in India's chemicals industry

Chemicals and Fertilisers Minister Mansukh Mandaviya on Wednesday said the central government is pro-poor, pro-farmer and also industry friendly, and exhorted domestic as well as global companies to invest in the country's chemicals industry. He also said the government is creating an industry-friendly environment and consulting all stakeholders before framing any policy. Speaking at the event India Chem 2022 here, the minister also emphasised on industrial development in India and said an eco-system is being created for holistic growth. While stressing that all the "critical requirements" should be produced locally, he said there is a need to boost India's exports and reduce imports. Talking about the chemical industry, Mandaviya said there is a huge opportunity in the chemical and petro-chemical sector, and asked corporates to make investments to increase manufacturing capacities. "India is a best destination for investment. It is the biggest democracy with best judicial system

Jindal Power exits race to buy JBF Petro; RIL, others in contention

L N Mittal-backed HPCL-Mittal Energy and govt-owned companies remain in contention for the bankrupt firm

World needs extra $1.3 trillion energy investment by 2030: JP Morgan

Investment will need to be inclusive of all fuels, including oil and gas, renewables and nuclear, with oil demand alone expected to grow by around 10% by 2030 and gas by 18%

Ministry mulling PLI scheme for chemical sector: Mansukh Mandaviya

Chemicals and Fertilisers Minister Mansukh Mandaviya said the ministry is planning to bring production linked incentive (PLI) scheme for the chemical sector to boost domestic production and exports

Abu Dhabi chemical company, Reliance Industries form $2-bn production JV

The new joint venture will construct and operate a chlor-alkali, ethylene dichloride and polyvinyl chloride production facility

Green fuels to power Adani Enterprises' petrochemicals business

For each fuel, Adani is planning to reach out to different sets of buyers