Indian Oil Signs Agreement With Mitsubishi Chemical Corporation
Indian Oil signed an agreement with Mitsubishi Chemical Corporation, Japan for sourcing technology & associated services for Acrylic Acid Unit at Dumad, Gujarat. Acrylic Acid will be used in the production of Butyl Acrylate. With currently no domestic production of Acrylic Acid and Butyl Acrylate, these products are entirely imported into India. This project is planned as a strategic move towards import substitution and further will consolidate the specialty chemical business of Indian Oil.
Within a short period of time, Indian Oil has established itself as the second largest player in Petrochemicals in India, with a wide range of products having a total capacity of 2.5 MMTPA. Petrochemical Business has contributed significantly to both the top-line and the bottom-line of Indian Oil business in recent years. Further to upcoming 680 KTA of Poly Propylene Plant and Ethylene Glycol Project having a capacity of 356 KTA glycols at Paradip Refinery, 150 KTA of Butyl Acrylate plant is planned at Dumad, near Gujarat Refinery. Acrylic Acid, for which this agreement has been signed, is a raw material for Butyl Acrylate production. The capacity of the upcoming Acrylic Acid Unit is 90 KTA.