Home / Knowledge / News / Textiles / GAIL & IOCL ink MoU to set up petrochemical complex
GAIL & IOCL ink MoU to set up petrochemical complex
01
Nov '08
GAIL (India) Limited and Indian Oil Corporation Limited (IOCL) today signed a Memorandum of Understanding (MoU) for cooperation in the area of Petrochemicals to collaborate for exploring the possibility of setting up of cracker complex including downstream derivatives at Barauni.

Dr. U. D. Choubey, Chairman and Managing Director, GAIL and Shri Sarthak Behuria, Chairman, IOCL signed the MoU in presence of Shri R.S. Pandey, Secretary, Ministry of Petroleum and Natural Gas. Present on the occasion were Shri R. K. Goel, Director (Finance), Shri Santosh Kumar, Director (Projects), Shri B. C. Tripathi, Director (Marketing), Shri Arun Singhal, Chief Vigilance Officer from GAIL and Shri B.M. Bansal, Director (Planning & Business Development), IOCL.

A Joint Working Committee consisting of two representatives from each Company shall be formed for undertaking techno-economic feasibility study of the project including feedstock (naphtha and natural gas) management.

GAIL shall assess the prospect of natural gas availability from the KG basin field including the potentiality of the rich gas to be used as part of the feedstock for the Project and work out the modality for distribution of the same from KG basin field to the Project site. GAIL will subsequently develop appropriate definitive agreement for supply of the gas to the joint venture, once formed.

IndianOil shall assess the prospect of availability of off-gas and naphtha not only from Barauni refinery but also from other operating refineries of IndianOil, to be used as predominant feedstock for the said Project and work out the modality for positioning of the same to the Project location. IndianOil will subsequently develop appropriate definitive agreement(s) for supply of the feedstocks to the joint venture, once formed.

The polymer market is growing rapidly in India and the growth rate registered in the recent times has been significant. There is a potentiality for considering a mixed feed cracker complex based on Naphtha and natural gas at Barauni based on the raw materials available from Barauni refinery and other nearby refineries, besides the prospect of natural gas source in Eastern region, resulting in availability of prospective feedstock for the cracker complex.

India is amongst the fastest growing petrochemicals markets in the world. Taking this into consideration and to enhance its downstream integration, IndianOil and GAIL are focusing on increasing their presence in the domestic petrochemicals sector besides the overseas markets through systematic expansion of customer base and innovative supply logistics.

Gas Authority of India Ltd

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search