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BP and Indian Oil Corporation to set up a 50:50 joint venture for a 1 mln tpa acetic plant

November 24/2011

(Plastemart) -- UK-based British Petroleum (BP) and Indian Oil Corporation have signed a memorandum of understanding (MOU) to set up a 50:50 joint venture for a 1 mln tpa acetic plant in Gujarat. The plant will come up with associated gassification facilities for production of synthesis gas.
The two companies await results of the feasibility report to confirm the exact details of the project, which is expected to be commissioned in 2015. The joint venture will derive its technical prowess from the latest Cativa XP from BP while petroleum coke feedstock will be used from Indian Oil.

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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