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IOC clears Rs 3,861 crore specialty chemicals plant for Panipat refinery


NEW DELHI: The IndianOil board has approved a Rs 3,681-crore plan to set up India’s first mega-scale maleic anhydride unit for manufacturing high-value specialty chemicals at its Panipat Refinery in Haryana. “These high-demand chemicals are mostly imported. The upcoming plant will reduce import dependence and save foreign exchange of about $150 million per year, thus strengthening the mission of Aatmanirbhar Bharat,” a company statement quoted chairman S M Vaidya as saying on Monday. Maleic anhydride (MAH) is used for making high-value specialty products such as polyester resins and surface coating plasticisers, agrochemicals and lubricant additives. “Petrochemicals integration is the cornerstone of our future growth strategy, given the high potential of petrochemicals in India. This project will consolidate IndianOil’s basket of niche products and increase the lube and petrochemical integrity index of Panipat refinery to more than 15% after the expansion plan is implemented,” the statement quoted Vaidya as adding. The proposed unit is expected to be completed in 54 months from the date of Stage-1 investment approval. It will have a capacity to produce 120 kilo tonnes per annum (kta) of maleic anhydride, the company said in a statement on Monday. Another value-added chemical, tetrahydrofuran, will also be produced from this plant to accelerate the growth of the pharmaceutical industry. THF is also widely used in adhesives and vinyl films. In addition, the plant will also manufacture 20 kta of 1,4-butanediol that finds applications in poly urethanes, polybutylene terephthalates, an engineering grade plastic and biodegradable fibres.


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