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BP & IOC to set up acetic acid plant in India's Gujarat
25
Oct '13
The BP Global group, formerly known as British Petroleum, is working with the Indian Oil Corporation (IOC) in order to set up an acetic acid plant in the Indian state of Gujarat, announced BP Global chief executive Bob Dudley at the third convocation of Pandit Deendayal Petroleum University (PDPU), in the state.
 
Mr. Dudley said the state of Gujarat emphasizes how the above-ground factors largely based on good policy can make a major difference into the lives of many people.
 
Gujarat features prominently in the future growth plans of BP Global and the company is hoping to set up one of the world’s largest acetic acid plants in the state, he added.
 
The BP Global chief executive elaborated that the firm is working with IOC to set up the plant which would have the production capacity of one million tons per annum and the firm would be investing nearly US$ 1 billion for setting up the facility near IOC’s Koyali refinery located in the city of Vadodara.
 
BP had inked a memorandum of understanding (MoU) with IOC in November 2011 for exploring the possibilities of setting up the acetic acid plant in the state and the proposed plant would be utilizing BP’s Cativa XL technology for the manufacturing of acetic acid.
 
Acetic acid is used in the production of purified teraphthalic acid (PTA), which is used in textiles and garments for the process of finishing, processing and printing.
 

Fibre2fashion News Desk - India

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