Indian Oil to revive shelved petrochemical projects

NEW DELHI (WSJ) -- Indian Oil Corp. plans to use the proceeds of its follow-on public offering to revive shelved petrochemical and liquefied natural gas projects, the state-run refiner's chairman Brij Mohan Bansal said.

India's largest listed company by sales is planning a follow-on public offering by January, through which it will sell fresh shares equivalent to 10% of its equity to raise about 100 billion rupees ($2.16 billion.).

The state-run refiner, which accounts for 28% of India's installed refining capacity of 3.76 million barrels a day, had to put some projects

MRC

(EuropeanPlasticsNews) -- Polish pipe manufacturer KNG is using the KryoSys system from Cincinnati Extrusion to manufacture three-layer PP/HDPE pipes.

The pipes incorporate a thin outer PP-H layer over two HDPE layer and are produced in diameters from 90mm to 630mm.

The KryoSys line uses two Monos+ 60 single-screw extruders for the two HDPE layers and a Talos 45 co-extruder for the thin outer PP-H layer. The pipe head is a KryoS 63-1200 3-Coex. The system uses asynchronous motors to reduce energy consumption.

MRC

(prw) -- DuPont and Invista have settled a trio of lawsuits between the two firms. Terms of the agreement were not disclosed, officials from the US-based firms said in a news release.

The lawsuits covered polymers technology, adiponitrile feedstock technology and disputes related to supply agreements. The settlement resolves these issues, which date back to 2004, when Koch Industries bought the Invista fibres business from DuPont.

In one of the lawsuits - filed in late 2008 - DuPont had claimed that Invista was infringing on a DuPont patent and had misappropriated DuPont trade secrets and proprietary information relating to DuPont's nylon resin business.

MRC

(prw) -- Heavy duty tyre manufacturer Mitas is to invest almost ┬40.5m to construct a new plant to produce tyres for agricultural vehicles in Holesov in the Czech Republic.

The new facility, due to create 550 new jobs, will be located on a 5.6 hectare site in Holesov's strategic industrial zone where it will manufacture tyres mainly for tractors and other farming vehicles.

Prague-based Mitas, part of the CGS Tyres group which specialises in exporting off-road vehicle tyres, has signed a memorandum of understanding with the authorities in the Czech region of Zlin and plans to begin construction in 2011. The new plant should be fully operating in 2014, according to the company.

MRC

(plastemart) -- New Kolkata International Development (NKID) has inked a memorandum of understanding (MoU) with Air Liquide of France for laying a pipeline in the proposed Petrochemicals, Chemicals and Petroleum Investment Region (PCPIR) at Nayachar. Air Liquide will create the industrial gas infrastructure for the PCPIR. NKID happens to be a special purpose vehicle promoted by the Salim group of Indonesia and Prasoon Mukherjee of Universal Success.

The PCPIR will be spread over 250 sq kms (62,000 acres) according to the central government norms. Of this, Haldia Petrochemicals, IOC and Mitsubishi Chemical Corporation will account for about 49,000 acres. All environmental related studies would be completed and submitted to the Pollution Control Board by end of month.

MRC