Page 3 - Petrochemicals

Mundra petrochemical work suspended as finances not tied-up yet: Adani

Embattled Adani Group on Monday said it has put on hold major equipment procurement and site construction activities for the Rs 34,900 crore petrochemical project at Mundra in Gujarat as the project has not yet tied up finances. The group's flagship Adani Enterprises Ltd (AEL) incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd in 2021 for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in the Kutch district of Gujarat. Asked by stock exchanges to comment on a PTI report on Sunday that the group has suspended work on the project, AEL said, "The financial closure of the Green PVC project of Mundra Petrochemicals Limited ( MPL) is pending with the financial institutions and it is in their active consideration." Due to recent market developments, the management has decided to continue with the engineering design and other activities including financial closure in an accelerated mode, it said. "Pending the above, it has been deci

Mangalore Refinery and Petrochemicals swings to Q3 loss due to windfall tax

MRPL swung to a third-quarter loss from a year-ago profit on Monday, hurt by the government's windfall tax on some fuel exports and a surge in the cost of materials consumed

Russia's Gazprom turns off tap, GAIL's hunt for LNG may continue for a year

Its petrochem plant in UP running at 40% utilisation

India will contribute 10% of incremental global petchem demand growth: Puri

India, whose per capita consumption is significantly lower than that of developed economies, will contribute 10 per cent of the incremental growth of global petrochemical demand, Oil Minister Hardeep Singh Puri has said. Petrochemicals, which turn oil and gas into all sorts of daily products -- such as plastics, fertilisers, packaging, clothing, digital devices, medical equipment, detergents or tyres -- are rapidly becoming the largest driver of global oil consumption. 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. "Petrochemical market size is currently in India about USD 190 billion, whereas the per capita consumption of petrochemical segments is significantly lower, compared to that in developed economies. And this gap offers ...

Essar Group plans $4.9 billion petrochemical complex in Odisha

India's Essar Group plans to set up a 400 billion rupee ($4.92 billion) petrochemical complex in the eastern state of Odisha in a tie-up with a global player, it said in a statement on Thursday

Chennai-based Manali Petrochemicals acquires UK-based Penn Globe

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

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

Indian petrochemical demand could rise threefold by 2040: Indian Oil exec

Indian refiners have traditionally focussed on maximising production of gasoline and gasoil and it is a net importer of petrochemicals

Pakistan convinces Saudi Arabia to revive $12 billion oil refinery: Report

Pakistan has persuaded Saudi Arabia to revive a USD 12 billion state-of-the-art deep conversion refinery and a petrochemical complex in the country, a project that was shelved by the oil-rich Gulf Kingdom during the Imran Khan regime, a media report said on Monday. The development comes ahead of the visit of a delegation from Saudi Arabia led by Crown Prince Mohammed bin Salman to Pakistan next month. The Pakistan government has made efforts to persuade Saudi Arabia to honour the MoUs signed three years ago and invest in Pakistan, The News reported. In 2019, Crown Prince Mohammed visited Pakistan when Khan was the prime minister, and signed MoUs for an investment of USD 21 billion, including the project of a deep conversion refinery and petrochemical complex with an investment of USD 12 billion. Subsequently, when Khan tried to cobble up a bloc of Islamic countries with the consent of Turkey and Malaysia, outside the ambit of the Saudi-dominated Organisation of Islamic Cooperation

Jordan, Egypt agree to raise cooperation in mining, petrochemicals, energy

Jordan and Egypt have agreed to increase their exchange of expertise in the fields of mining, petrochemical industry, oil and natural gas, according to a statement by Jordan's Ministry of Energy

RIL AGM: Mega expansion in new energy biz, Rs 75,000 cr for petchem

Chairman Mukesh Ambani also announces new gigafactory for power electronics, RIL set up India's first Carbon Fibre plant at Hazira with a capacity of 20,000 tonnes a year

RIL's O2C business gets leg-up with Rs 75,000-cr investment over 5 years

World's largest carbon-fibre and PTA plants planned; 1 MMTPA PET unit at Dahej

At 45th AGM, Reliance unveils Rs 75k-cr plan to boost oil to chemicals biz

Reliance Industries Ltd will invest Rs 75,000 crore in the next five years to expand petrochemical capacity, its chairman Mukesh Ambani said on Monday. Speaking at the company's annual general meeting, he said the investments will be in setting up a PTA plant, expanding polyester capacity, tripling capacity of vinyl chain and a chemical unit in UAE.

BPCL to spend Rs 1.4 trn on petrochemicals, gas business in next five years

BPCL, which owns 20,217 out of 83,685 petrol pumps in the country, is looking at not just selling petrol and diesel at bunks but also providing EV charging as well as fuels of the future like hydrogen

Work on the Rajasthan petrochemicals complex going on in full swing

The project cost is estimated at more than Rs 43,000 crore and the equity share of HPCL is 74 per cent and that of the Rajasthan government 26 per cent

Nuberg Engineering to build Rs 650 cr SRU project at IOCL's Koyali refinery

Last year IOC had signed an MoU with Gujarat for adding petrochemical and lube plants to its previously announced plans to expand crude oil processing capacity at the refinery

West Coast refinery could get a new home as demand for such plants revives

Renewed interest in adding refinery capacity in India owes to the long-term decline of the business in Europe; and in the short-run, the Ukraine war has been a key driver

Bharat Petroleum to invest Rs 1 trillion to become future-ready

India's second-largest fuel retailer is looking to create a 1,000 MW portfolio of renewable power generation capacity

Petronet LNG seeks fresh foray into the petrochemical business

Petronet LNG Ltd is looking to reclaim the lost opportunities of the past decade as it seeks fresh foray into the petrochemical business and plans to set up an LNG import facility on the east coast

Petronet to make foray into petchem business, plans LNG terminal in Odisha

Petronet LNG Ltd plans to set up a petrochemical complex at Dahej in Gujarat as it looks to make a foray into high margin business to hedge gas trading risks, Oil Secretary Tarun Kapoor said