CPMA Member Companies
Latest News of CPMA Member Companies
Nayara expects production of polypropylene by Q4, 2023
Nayara Energy, a downstream energy company, said it is on track for entry into the petrochemicals sector with most of the work being completed on a propylene recovery unit. Nayara, which operates a 20 million tonne-a-year oil refinery at Vadinar in Gujarat, has adopted a phase-wise asset development strategy to enter the petrochemicals sector. "Under Phase-1 of the project, Nayara is setting up a 450-kilo tonne per annum polypropylene plant at its Vadinar refinery in Gujarat - a propylene recovery unit along with upgrades to the existing FCC Unit (Fluidized Catalytic Cracking Unit) and a polypropylene unit (PPU)," the firm said in a statement. The company had laid the foundation stone for their petrochemical project for a 450 KTPA polypropylene plant in November 2021.“Phase-1 project development has achieved over 85 per cent progress and expects production of its first petrochemical product i.e. polypropylene by Q4 of 2023," it added. Alois Virag, CEO of Nayara Energy Ltd, said, "With the completion of the FCC revamp, we have made significant progress on our Petrochemical entry. The planned phase-wise execution of the project is a testimony of Nayara's capabilities to successfully deliver on mega projects. This capability will serve us well for our larger phase II project, which will be an integrated Petrochemical complex". With most work completed on its propylene recovery unit, the company expects to commence its pre-commissioning activities in February 2023.
Supreme Petrochem increases polystyrene capacity to 3 lakh MTA
Source: Indian Chemical nes
Supreme Petrochem has announced that Consent to Operate (CTO) has been received by company from Maharashtra Pollution Control Board (MPCB) on 30th December, 2022 for polystyrene (PS) and Expandable Polystyrene (EPS) capacity expansion projects at its plant situated at Village Amdoshi, Taluka- Roha, District-Raigad, Maharashtra.
Consequently, the company's effective manufacturing capacity of Polystyrene (PS) will stand increased from the existing 2,20,000 MTA to 3,00,000 MTA and Expandable Polystyrene (EPS) will stand increased from the existing 50,000 MTA to 85,000 MTA.
The company also completed EPS production facility revamp programme / commissioning trials at its plant situated at Manali New Town, Chennai, Tamil Nadu on 28/12/2022 and consequently the effective production capacity of EPS at Manali Plant has increased from the existing 24000 TPA to 33000 TPA
HPCL forays into petrochemical business, launches HP Durapol
Maharatna oil company Hindustan Petroleum Corporation on 22 December announced that it has forayed into the petrochemical business through polymer marketing with the launch of polymer brand -- HP Durapol. HPCL's Secretary for Petroleum and Natural Gas, Pankaj Jain, launched the HPCL's first polymer brand in the presence of HPCL Chairman and Managing Director Push Kumar Joshi. They also inaugurated the brand, logo, product brochure and package for the polymer products. HP Durapol would cover various grades of high-density polyethylene, linear low-density polyethylene and poly propylene, said statement from the ministry of petroleum and natural gas. It added that this pre-marketing would be the pre-cursor to marketing of HPCL Rajasthan Refinery (HRRL) products. According to the statement, HRRL is a 9 million metric tonnes per annum (mmtpa) and 2.4 mmtpa petrochemicals integrated complex. Earlier on 15 December, HPCL approved raising up to ₹10,000 Cr via NCDs on a private placement basis. HPCL stated that it has issued unsecured, redeemable, non-convertible, non-cumulative, taxable debentures of up to ₹10,000 Crores on a private placement basis in the domestic market and/or in the international market from the date of such approval for funding of refinancing of existing borrowings and/or funding of capital expenditure of the issuer, including recoupment of expenditure.
Gautam Adani says will invest $4 bn in petrochemical complex, launch 'super app': Report
Source: Business Today
Billionaire Gautam Adani is planning to invest more than $4 billion in a petrochemical complex in Gujarat, he said in an interview with the Financial Times on Friday.
Adani, Asia's richest person, plans to launch a "super app" in the next three to six months to connect Adani airport passengers with other Adani Group services, according to the report.
Adani denied that entering the petrochemical industry would put fellow billionaire Mukesh Ambani in direct competition. “There is no competition. India is a huge growth market and everybody is welcome," he added.
Speaking on NDTV acquisition, Adani said he viewed it as a "responsibility" rather than a business opportunity.
According to Gautam Adani, India's economy is expected to grow to $30 trillion by 2050, a nearly 10-fold increase from its current size, as a result of increased consumption and social and economic reforms.
Within the next ten years, the country's gross domestic product may begin to increase by $1 trillion every 12 to 18 months, increasing its appeal as a location for investments, the billionaire predicted at a recent conference in Mumbai. By 2050, he predicted that India's share of the global GDP will be higher than 20 per cent.
The coal-to-ports billionaire reiterated his group's dedication to investing $70 billion in a value chain for clean energy. By 2050, India's energy consumption is predicted to increase by 400 per cent due to economic growth, and the nation will go through an "unprecedented" energy transition to meet this demand, he said.
Mcap of seven of top-10 most valued firms rises Rs 1.33 lakh crore; Reliance biggest winner
Seven of the top-10 most valued firms together added Rs 1,33,707.42 crore in market valuation last week amid an overall positive trend in equities, with Reliance Industries emerging as the biggest winner. Last week, the BSE benchmark jumped 990.51 points or 1.65 per cent.
The market capitalisation (mcap) of Reliance Industries jumped Rs 44,956.5 crore to Rs 17,53,888.92 crore.
Reliance Industries remained the most valued domestic firm, followed by TCS, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, State Bank of India, Bharti Airtel, HDFC and ITC
K V Kamath appointed independent director of RIL, soon-to-be-listed Jio Financial Services
Reliance Industries on Friday said that it has appointed K V Kamath as an independent director on its board for a period of five years.
Further, Kamath has also been appointed as an independent director and non-executive Chairman of Reliance Strategic Investments, the entity that will house the financial services business of the conglomerate and be renamed Jio Financial Services.
Kamath, a veteran in the banking industry, is currently the Chairman of the National Bank for Financing Infrastructure and Development (NaBIFD).
India's first SPM Facility at Indian Oil-Vadinar berths the 6,000th Oil Tanker
India's first unloading Single Point Mooring (SPM) facility, commissioned by Indian Oil in 1978 at Vadinar in Dev Bhumi Dwarka district of Gujarat, achieved a significant milestone with the berthing of the 6,000th Oil tanker- MT Yio, a Liberian VLCC (Very Large Crude Carrier) carrying Basrah Crude Oil from Iraq. Mr S M Vaidya, Chairman, Indian Oil and Mr D S Nanaware, Director (Pipelines), Indian Oil, welcomed the crew of MT Yio to celebrate the momentous occasion.
Complimenting the Team Vadinar of Indian Oil, Mr S M Vaidya said, "Economic and social growth relies on energy and given our dependence on foreign crude, unloading crude supplies from large crude-carrying vessels deep into the sea safely and reliably is vital to keep our refineries running. I must laud the remarkable contribution of IOCians at Vadinar who work under the most challenging circumstances to keep the nation fuelled while setting new benchmarks of operational excellence. The 3 lakh kilo litres of crude oil that MT Yio is carrying is adequate to meet about 40% of the daily fuel requirement of our entire nation".
Indian Oil currently operates two SPM terminals at Vadinar, in the south of the Gulf of Kutch, for unloading of crude oil brought in tankers for transportation to shore tanks through pipelines, of which around 14 km is subsea. Subsequently, the crude is transported through cross-country pipelines to Indian Oil's mega-refineries at Vadodara, Mathura and Panipat. With the unloading of this crude parcel, Indian Oil Vadinar Terminal has crossed a cumulative receipt of 735 MMT.
Dr. Uttiya Bhattacharyya
Executive Director (Corporate Communications)
Indian Oil Corporation Limited
Source: IOCL Website
Adani group to invest $ 100 billion by 2022.
Source: Livemint
Billionaire Gautam Adani, the second richest person in the world, on Tuesday said his group would invest $100 billion over the next decade, primarily in energy transition and digital opportunities, as well as sectors such as aerospace and defence, metals and petrochemicals.
Adani has been aggressively expanding into new sectors, with his latest foray into the cement sector through a $6.5 billion acquisition of Ambuja Cements Ltd and ACC Ltd, instantly making the group the second-largest cement maker in the country.
The group also announced entry into the alumina and iron ore business with an investment of up to ₹57,575 crore. Starting as a commodities trading company in the late 1980s, the Adani group has, over the years, added ports, airports, power, renewable energy, gas distribution and data centre business to its portfolio.
“As a group, we will invest over $100 billion of capital in the next decade. We have earmarked 70% of this investment for the energy transition space. We are already the world’s largest solar player and intend to do far more. In this context, Adani New Industries is the manifestation of the bet we are making in the energy transition space. It is our commitment to investing $70 billion in an integrated hydrogen-based value chain," Adani said at The Forbes Global CEO Conference 2022 in Singapore.
Adani’s plans in the energy transition space include adding 45 gigawatts (GW) of hybrid renewable power generation capacity to augment its current capacity of 20GW.
He added that this would lead to the commercialization of three million metric tonnes of green hydrogen, with the group building three gigafactories in India.
The group is also building a 10GW silicon-based photo-voltaic value chain that will be backwards-integrated from raw silicon to solar panels, a 10GW integrated wind-turbine manufacturing facility, and a 5GW hydrogen electrolyzer factory.
“Today, we can confidently state that we have a line of sight to first—become one of the least expensive producers of the green electron—and thereafter—the least expensive producer of green hydrogen. It is an absolute game changer for India and opens up the unprecedented possibility that India could one day become a net energy exporter," Adani said.
Adani added that the group’s ambitions in digital transformation also seek to benefit from the energy transition adjacency.
“The Indian data centre market is witnessing explosive growth. This sector consumes more energy than any other industry in the world, and therefore, our move to build green data centres is a game-changing differentiator," he said.
The group plans to interconnect these data centres through a series of terrestrial and globally linked undersea cables drawn at its ports and build consumer-based super-apps that will bring hundreds of millions of Adani’s B2C consumers into one common digital platform.
“Once done, the monetization possibilities are endless. We also just finished building the world’s largest sustainability cloud that already has a hundred of our solar and wind sites running on it—all off a single giant command and control centre that will soon be augmented by a global A-I lab. These are just a few of the adjacencies that are being mainstreamed at our digital businesses at Adani," he said.
Adani added that India is set to witness multi-decade growth tailwinds, making it a relatively bright spot in the global economy amid the current turbulent environment.
“The real India growth story is just starting. This is the best window for companies to embrace India’s economic resurgence and the incredible multi-decade tailwind the world’s largest and most youthful democracy offers," the billionaire said.