Petrochem
India's petrochemical sector to grow over three-fold to USD 1 trillion by 2040: Hardeep Puri
India's petrochemical sector is experiencing remarkable growth, projected to reach USD 300 billion by 2025 and potentially USD 1 trillion by 2040. Driven by a rising population and government initiatives, the sector is attracting significant investments and aims to reduce import dependency while creating a sustainable future.
Top banks keen to share project loan for Adani Enterprises
Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of India, Central Bank of India, ICICI Bank and Axis Bank have either committed or are in the process of committing funds to the $4-billion polyvinyl chloride (PVC) project at Mundra in Gujarat, people familiar with the developments said.
India eyes $87 bln investment in petrochemicals sector over next decade, says Hardeep Singh Puri
India is set to receive $87 billion in investments over the next decade to meet rising petrochemical demand. As per Oil Minister Hardeep Singh Puri, India's petrochemical sector, valued at $220 billion, might grow to $300 billion by 2025. Companies like Haldia and ONGC have committed $45 billion toward this goal.
HPCL seeks large-scale investment in petrochemical manufacturing capacities: Chairman
Hindustan Petroleum Corporation (HPCL) is actively investing in petrochemical manufacturing capacities through joint ventures, aiming to expand its portfolio as stated in their annual report. They are constructing India's first integrated grassroots refinery cum petrochemical complex in Rajasthan, with a high Petrochemical Intensity Index. HPCL also established a strategic business unit for petrochemicals and incorporated a subsidiary, HPCL Renewable & Green Energy Ltd., to focus on sustainability and expand into green energy businesses.
Adani Group to commission $4-billion petchem project by next year
The Adani Group will commission the first phase of a $4 billion PVC project by December 2026, entering the petrochemicals sector. This project aims to address India's PVC demand-supply mismatch. The initial phase will produce 1 million tonnes per annum, with State Bank of India leading the financing.
Andhra govt, BPCL explore possibility of setting up Rs 70,000 cr petrochemical complex
Andhra Pradesh Chief Minister N Chandrababu Naidu met with Bharat Petroleum Corporation Ltd officials to discuss establishing an oil refinery and petrochemical complex, potentially attracting investments of Rs 70,000 crore. Naidu emphasized the state's strategic location and directed officials to prepare a feasibility report within 90 days. Additionally, Naidu engaged with VinFast's CEO to invite the Vietnamese automobile conglomerate to set up an EV and battery manufacturing plant in the state. Both initiatives reflect Naidu's commitment to fostering industrial growth and investment in Andhra Pradesh.
Haldia Petrochemicals seeks local Indian naphtha supplies amid Red Sea disruption: CEO
The company, which owns a naphtha cracker producing 700,000 metric tons per year in the eastern state of West Bengal, sources 50% of its feedstock from the Middle East and relies on local refiners like Indian Oil, HPCL and BPCL for the rest of its feedstock needs.
SPIC Ltd unveils Rs 1,900 cr investment plan over the next two years
Southern Petrochemical Industries Corporation (SPIC) Ltd unveiled plans to invest Rs 1,900 crore in a strategic expansion over two years. Notably, Rs 970 crore will enhance the urea plant and establish a 150 MTPD Green Ammonia Plant. Greenstar Fertilizers Ltd allocates Rs 640 crore for a water-soluble fertilizer mixing plant and plant refurbishments. Additionally, Tuticorin Alkali Chemicals and Fertilisers Ltd commits Rs 290 crore for a soda ash and ammonium chloride plant. These initiatives aim to create employment and uphold SPIC's commitment to ESG principles, emphasizing responsible business practices.
SPIC Group to invest Rs 1,900 crore in Tamil Nadu
Southern Petrochemical Industries Corporation Ltd (SPIC) is set to invest Rs 1,900 crore over the next two years in Tamil Nadu, as per an MoU signed with the state government during the Global Investors Meet in Chennai.
Nayara Energy to start PP plant in first half of 2024
Nayara Energy, India's second-largest private oil company, is set to enter the petrochemical sector with the operation of a new 4,50,000 tonnes per annum polypropylene plant in the first half of 2024. The company anticipates the demand for polypropylene to rise, with applications in packaging, automotive, consumer durables, and lifestyle products.
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Petronet LNG defends petchem diversification plan after shares fall 8.5%
Petronet LNG defends its decision to diversify into petrochemicals despite an 8.5% share price drop. CEO A K Singh assures profitability for the Rs 21,000 crore project with a 19% internal rate of return. The plan includes a petrochemical plant, propane, and ethane handling facilities in Gujarat. The company reported a 10% YoY rise in Q2 profits but faced concerns about non-receipt of money from customers under use or pay charges.
HPL to invest Rs 3,000 crore to set up new chemical plants in West Bengal
Haldia Petrochemicals Ltd (HPL) plans to invest Rs 3,000 crore to establish new plants in West Bengal. The company will construct a propylene plant and a phenol unit at its current facility in Haldia. The phenol plant will have a production capacity of 300 kilo tonnes per annum of phenol and 185 KTPA of acetone.
PM Narendra Modi to lay foundation stone of Rs 49,000 cr petrochemicals complex in Bina
BPCL plans to expand Bina refinery capacity from 7.8 million tonnes per annum to 11 million tonnes. The project would also produce more than 2200 kiloton petrochemical products. Meanwhile, the government of Madhya Pradesh is supporting the project by providing fiscal incentives under State-GST refund, interest-free loan and interest subsidy assistance, concessional power and exemption of stamp duty.
Gulf Oil Lubricants to acquire controlling stake in Tirex Transmission for Rs 103 cr
The acquisition is a part of the company's global ambition towards being a leader in the EV charging ecosystem, a market which is already valued at USD 20 billion and expected to cross USD 200 billion by 2030, Gulf Oil Lubricants said in a statement.
MRPL shelves refinery growth to focus on chemicals bet
ONGC controlled Mangalore Refinery and Petrochemicals Ltd. (MRPL), is planning to expand its refinery expansion in order to boost petrochemicals production capacity with an estimate cost of around Rs. 470 billion. The plan of investment for a new production unit is in the state of Karnataka. Along with this, MRPL also plans to invest in smaller petrochemical units.
Investment opportunity of $30 billion in petrochemical sector over next decade: Hardeep Singh Puri
India's Petrochemical sector is poised for transformational growth, with opportunities for investment of $30bn available over the next decade, according to Oil Minister Hardeep Singh Puri. The sector is expected to contribute "almost 10%" of the growth in global petrochemical demand in coming years and demand from India's growing middle class is expected to boost consumption further. Chemical and petrochemical sectors support the government's 'Make in India' initiative, and petrochemicals exports account for 13% of India's total exports.