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Amerind Petroleum to establish a new refinery complex

November 23/2011

(Plastemart) -- Amerind Petroleum Pvt. Ltd. has inked an MOU with the Andhra Pradesh government to establish an INR 12,000 crore refinery complex near Visakhapatnam in the PCPIR, BL reported. The company plans to relocate an existing US refinery.

Amerind has a technical collaboration with the American Industrial Corporation- a consortium of 14 US companies, to set up a petroleum refinery with initial capacity of 7.5 mln tpa of crude (150,000 bpd). To be set up on a turnkey basis by AIC, in phase I, it is proposed to relocate an existing running refinery acquired for INR 2,525 crore (about US$ 505 mln). In phase II, this would be expanded to 15 mln ton along with the setting up of INR 8.611 crore petrochemical complex.

Perspectives of development of the polymers markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit is organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

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