Petrochemicals

It's also dialling back on ambitions to dive further into aluminium, steel and road projects, said people

The government on Friday said there is a shortage of feedstock cracker in the petrochemicals sector and more private investments are required in the sector to reduce imports. Addressing an Assocham-organised conclave on speciality chemicals, Chemicals and Petrochemicals Secretary Arun Baroka said with electric vehicles coming up and demand for petrol/diesel set to reduce, automatically there will be more push for petrochemicals in future. "We know that there is a shortage of feedstock and it is estimated that we need one (feedstock)cracker every year till 2040 but that kind of investment is not coming now. There will be a shortfall in terms of the numbers of crackers which are required by the country. When there is a shortage, obviously we will be dependent on imports," he said. An investment of Rs 18 lakh crore is required for increasing feedstock cracker as estimated in a report by Indian Oil Ltd and Engineers India Ltd. However, the government alone cannot make this kind of ...

The benchmark S&P BSE Sensex rose 445 points to end the session at 58,074 - a gain of 0.7 per cent

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

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

Its petrochem plant in UP running at 40% utilisation

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 ...

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

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

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

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 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

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

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

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, 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

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

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

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