02-04-2024
Haldia Petchem planning oil-to-chemical project in south India
The Chatterjee Group is in talks with local and global companies to partner with its majority-owned petrochemical firm Haldia Petrochemicals Ltd to build a more than $10 billion project in southern India, HPL's chief executive said.
The private equity firm plans to build the oil-to-chemical project, capable of producing 3.5 million metric tons per year (tpy) of ethylene and propylene, at Cuddalore in Tamil Nadu by 2028 to 2029, Haldia CEO Navanit Narayan said on Monday, adding the project is expected to reach financial closure by the end of 2024.
"What we are producing as chemicals, we can add more value to it. There is a huge market because most of the chemicals we are looking at are imported into India. So the margins are much better," he said.
HPL operates a 1 million tpy petrochemical plant in eastern India and is building the country's largest integrated phenol project at Haldia.
The company wants to boost profits by locally producing specialty chemicals.
In 2021, Haldia took over a moribund oil refinery project in Cuddalore from Nagarjuna Oil that was shut down after damage from a cyclone in 2011. The planned project was set to process 120,000 barrels per day of oil.
Indian firms are boosting their petrochemical production capacity as the country's expanding economy raises the need for goods ranging from plastics to paints and chemicals such as monoethylene glycol, used for making textile fibre and polyester resins.
While India's western part is "crowded" with petrochemical projects, the south lacks a large petrochemical project to meet regional demand, Narayan said "So, I think that definitely is a place to be and it's also a very economically developed part of the country. We clearly see that as an advantage," Narayan said.
India's petrochemical consumption is about one-third of the global average and the nation relies heavily on imports for meeting its specialty chemicals needs.
"Our assessment is that India needs a cracker of global scale every 18 months because we are growing at more than 7%-8% annually as an industry," he said.
Reuters HERE
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
Aspen Technology introduces AspenTech Strategic Planning for Sustainability Pathways™
Aspen Technology Inc, a global leader in industrial software, today introduced AspenTech Strategic Planning for Sustainability Pathways™, a new and unique integrated ...
26-04-2024
-
Sasol provides state of the art catalysts to INERATEC for the production of sustainable e-fuels
The catalysts will be used, among others, in the first large-scale industrial Power-to-Liquid (PtL) plant that INERATEC is currently building in Frankfurt, Germany, which ...
24-04-2024
-
Baker Hughes to supply 17 centrifugal compressors to Saudi Master Gas System project
Baker Hughes, an energy technology company, announced Tuesday that it has received an order by Worley, for and on behalf of Aramco, to supply gas technology equipment ...
23-04-2024
-
SABIC Fujian Petrochemicals select Phenol yechnology from KBR
KBR announced today it has been awarded a contract by SABIC Fujian Petrochemicals to license KBR's market-leading phenol technology in China. Under the terms of the ...
22-04-2024
-
Lummus Expands R&D capabilities to enhance innovation and water and wastewater technologies
Lummus Technology, a global provider of process technologies and value-driven energy solutions, announced the opening of its cutting-edge research and development (R&D) ...
17-04-2024
-
Clariant launches new CATOFIN® 312 propane dehydrogenation catalyst
Clariant, a sustainability-focused specialty chemical company, today announced the launch of CATOFIN 312, its latest propane dehydrogenation catalyst. The new catalyst ...
16-04-2024
-
Yokogawa and GridBeyond conclude investment and strategic partnership agreements
Yokogawa Electric Corporation and energy IT solutions provider GridBeyond of Ireland announce that they have concluded a strategic partnership agreement. Furthermore, ...
16-04-2024
-
EMA and JERA to cooperate on LNG procurement and supply chains
The Energy Market Authority and JERA Co Inc, have signed a Memorandum of Understanding to cooperate on mutually beneficial areas in liquefied natural gas procurement ...
16-04-2024
-
Hexagon and Dragos unveil technical partnership to strengthen industrial cybersecurity
Hexagon’s Asset Lifecycle Intelligence division today announced a strategic partnership with Dragos, a global leader in cybersecurity for operational technology (OT). ...
16-04-2024