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Indian Oil partners with Greenstat on hydrogen development

March 01/2021

MOSCOW (MRC) -- Indian Oil Corp will invest 329.46 billion rupees (USD4.46 billion) to raise the capacity of its Panipat refinery by two-thirds to 500,000 barrels per day (bpd) by September 2024, the countrys top refiner said, said Chemweek.

India, the worlds third biggest oil importer and consumer, aims to expand its 5 million bpd refining capacity by 60% to meet rising local demand as Prime Minister Narendra Modi seeks to boost the manufacturing sector. Along with expanding capacity, IOC will install catalytic dewaxing and polypropylene units at its Panipat refinery in northern Punjab state, it said in a statement.

In 2018 IOC announced capacity expansion of the 300,000 bpd Panipat refinery costing 231 billion rupees. At that time it did not announce plans to set up the two other units. IOC said expansion of the refinery would raise production of petrochemicals and value-added specialty products to improve its margins and help de-risk the conventional fuel business of the company".

To meet Indias growing energy demand, oil minister Dharmendra Pradhan is seeking 175 acres of land in eastern West Bengal state for expansion of IOCs 160,000-bpd Haldia refinery, IOC said. IOC along with its subsidiary Chennai Petroleum Corp Ltd, has a total installed refining capacity of 1.6 million bpd.

As MRC informed earlier, Indian Oil Corp. Ltd. (IOC) has approved the addition of a petrochemical and lube integration component to its previously announced and long-planned project that will expand crude oil processing capacity of its 13.7 million-tonne/year Koyali refinery at Vadodara in Indias western state of Gujarat.

As MRC informed earlier, IOC is expanding its petrochemical capacity by more than 70 per cent from its current 3.2 million tonnes a year. It is also on new technologies that reduces the cost of producing petrochemicals.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,220,640 tonnes in 2020, up by 2% year on year. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, polypropylene (PP) shipments to the Russian market reached 1 240,000 tonnes in 2020 (calculated using the formula: production, minus exports, plus imports, excluding producers' inventories as of 1 January, 2020). Supply of exclusively PP random copolymer increased.

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:Anna Larionova
Tags:petroleum products, PP, PE, ethylene, propylene, neftegaz, petrochemistry, Indian Oil Corp.
Category:General News
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