Petrochemicals Industry

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

TCG group to set up petrochem project of international scale in Tamil Nadu

TCG group will set up a petrochemicals project of international scale at Cuddalore in Tamil Nadu, a company spokesperson said on Friday.

Medical oxygen from Honeywell technology has saved 120,000 lives in India

Patented technology of US firm, which tied up with DRDO last month, to save 66,500 more people in July-August

GAIL split plan scrapped, company to monetise pipelines instead

The company will monetise some of its pipelines by selling a minority stake through InvIT

Indian Oil Corp to invest Rs 24,000 crore in Gujarat petchem project

The LuPech project will produce import substitutes like Lube Oil Base Stock (LOBS) and Polypropylene

IOC to invest Rs 24,000 cr in Gujarat refinery expansion, petchem project

State-owned Indian Oil Corporation (IOC) on Monday said it has signed up an investment pact for adding petrochemical and lube plants to its previously announced plan to expand crude oil processing capacity at its Koyali refinery at Vadodara in Gujarat. Expanding refining capacity by 4.3 million tonnes per annum to 18 million tonnes and adding plants to produce 500,000 tonnes per annum of polypropylene and 2,35,000 tonnes of lube oil base stock at the site would see total investment of about Rs 24,000 crore. "Chief Minister of Gujarat Vijaybhai Rupani and Union Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan today presided over an MOU signing ceremony for 'Investment Promotion' between the Government of Gujarat and IndianOil for setting up a Petrochemical and Lube Integration (LuPech) Project and Acrylics / Oxo Alcohol Project along with other infrastructure projects at Gujarat Refinery," a company statement said. The LuPech project will produce import substitutes .

Better petchem prospects, low-cost Jio smartphone launch push RIL stock

Shares of Reliance Industries are up more than 9 per cent over two days to Rs 2,160.45

Indian Oil swings into black with record Rs 21,000-cr profit in FY21

Firm attributes remarkable to inventory gains caused by fluctuating global oil prices and rising sales of high-margin petrochemical products

Laxmi Organic IPO subscribed 6 times on second day of subscription

The initial public offer of speciality chemicals manufacturer Laxmi Organic Industries Limited was subscribed 6.05 times on the second day of subscription on Tuesday. The issue received bids for 19,69,52,680 shares against 3,25,58,138 shares on offer, as per data available with the NSE. The category meant for qualified institutional buyers (QIBs) was subscribed 1.15 times, non institutional investors 2.48 times and retail individual investors(RIIs) 10.38 times. The initial public offer (IPO) aggregating up to Rs 600 crore comprises a fresh issue of up to Rs 300 crore and an offer for sale of up to Rs 300 crore. The offer is in a price range of Rs 129-130 per share. Laxmi Organics Industries on Friday garnered Rs 180 crore from anchor investors. Net proceeds from the issue will be utilised for setting up a manufacturing facility for fluorospecialty chemicals, working capital requirements, purchase of plant and machinery and upgrading existing units. In addition, funds would be us