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Indian Oil Corp VLCC catches fire

September 07/2020

MOSCOW (MRC) -- A very large crude carrier New Diamond, chartered by Indias top refiner Indian Oil Corp, caught fire in the morning off Colombo, sources with knowledge about the matter told Reuters.

The full loaded vessel was heading to Paradip in eastern India from Mina Al Ahmandi in Kuwait, Refinitivs ship tracking data shows.

No immediate comment was available from IOC.

As MRC informed previously, Indian Oil Corp, the countrys top refiner, is close to winning its first contract to export up to 720,000 tons of clean products to Mauritius under an annual deal from November.

We remind that Indian Oil says it will build an integrated paraxylene (PX) and purified terephthalic acid (PTA) facility at Paradip in Odisha State, India, at an estimated investment of 138 billion Indian rupees (USD1.84 billion). The project will be completed by early 2024, with the complex planned to produce 800,000 metric tons/year of PX and 1.2 million metric tons/year of PTA, it says.

PTA is used to produce polyethylene terephthalate (PET), which is used in the manufacturing of plastic bottles, films, packaging containers, in the textile and food industries.

According to MRC's ScanPlast report, Russia's estimated PET consumption totalled 367,720 tonnes in the first six months of 2020, up by 19% year on year. Russian companies processed 62,910 tonnes of material in June.

Indian Oil Corporation Limited, or IndianOil, is an Indian state-owned oil and gas corporation with its headquarters in New Delhi, India.


mrcplast.com
Author:Margaret Volkova
Tags:crude and gaz condensate, paraxylene (PX), PET-granulate, terephthalic acid, petrochemistry, packaging, Indian Oil Corp, India, Russia.
Category:General News
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