Indian Oil has signed an investment contract worth around 2.7 billion euros
24. June 2021The state-owned Indian Oil Corporation (IOC) signed a corresponding contract for the investment of around 2.7 million euros at the beginning of June. Earlier, IOC announced the expansion of its Koyali crude oil refinery in Vadodara in the state of Gujarat. The refinery’s annual capacity is to be expanded from the current 4.3 million tons to 18 tons. Additional petrochemical plants will also be built for an annual production of 500,000 tons of polypropylene, as well as 235,000 tons of lubricating oil base stock.
Gujarat State Minister Rupani and Minister of State for Petroleum, Gas and Steel Pradhan were present at the signing of a memorandum of understanding between the Gujarat government and Indian Oil. The investment project “LuPech” will serve the production of lubricating oil base materials and polypropylene. Another project “Acrylics / Oxo Alcohol” is intended to produce butyl acrylate. Butyl acrylate is an important component of paints, coatings, adhesives, textile fibers, plasticizers and other similar products. The inclusion of petrochemical feedstocks is part of IOC’s new business strategy to develop other markets outside the oil and refining sector. Following completion of the butyl acrylate plants, IOC is planning additional projects for the production of PVC, styrene, acrylonitrile, PMMA and ethylene oxide.
In addition, Indian Oil Corporation has announced further MoUs for the construction of facilities at Dumad as part of the Koyali-Ahmednagar-Solapur petroleum pipeline and a tanker filling station for Linear Alkylbenzenesulfonic Acids (LABs), a basic ingredient in the detergent industry. Another major infrastructure project includes new gas flares at the Gujarat refinery and a hydrogen fueling station to operate fuel cell vehicles. According to IOC, the filling station will be the first of its kind in India and will operate under the Clean Fuel Campaign. The hydrogen will be used to fuel buses on the Vadodara to Kevadia route.
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