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

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X