CPMA Member Companies
Latest News of CPMA Member Companies
BPCL to set up polypropylene unit
The Board of Bharat Petroleum Corporation Limited (BPCL) at its meeting held on 31st January, 2022 has approved a proposal for evaluating the option of putting up a polypropylene unit at Kochi Refinery and to discontinue the polyols project.
The polyols project at Kochi Refinery was approved by the Board in September 2018. The project was developed further by carrying out activities such as award for licensing of technology and related activities to licensors and appointing Project Management Consultant.
During the development of the project, cost estimates with an accuracy level of +/- 10% were prepared based on front end engineering design of the facilities. However, the revised cost estimates are much higher than the original estimate mainly on account of increase in equipment and material cost. As this has adversely affected the project economics, the Board has approved the proposal to discontinue the polyols project.
BPCL to invest ₹25K crore to build a renewables portfolio
Bharat Petroleum Corp. Ltd (BPCL) plans to spend ₹25,000 crore to build a renewable energy capacity of 10 gigawatts (GW) comprising a mix of solar, wind, small hydro and biomass, a senior company official said on Thursday.
“We have aspiration to reach 1 gigawatt of renewable energy in the short term (by 2025) and a 10 gigawatt portfolio, say, by 2040 or earlier," Amit Garg, executive director, renewable energy, BPCL said. BPCL’s planned renewable energy portfolio would comprise solar (800 MW), wind (100 MW), small hydro (60 MW), and biomass (40 MW). Hydrogen could also be included in the portfolio at a later stage. The company has collaborated with Bhabha Atomic Research Centre (BARC) to scale up alkaline electrolyzer technology for green hydrogen production
BPCL is scouting for suitable land to build power producing units in Uttar Pradesh for 80-100 MW; Bina, Madhya Pradesh (20 MW in Phase I), Rajasthan (250–500 MW) and Delhi of less than 5 MW. “We are committed to Scope 1 and 2 and aim to be net zero by 2040. We are seeing a shift from fossil fuels to renewable energy. India would be among the countries that will continue to grow in fossil fuels, but we understand that it has to eventually move to clean energy," the company said.
Reliance eyes first oil cargo from UAE trade arm in December: Report
Reliance Industries Ltd, operator of the world's biggest refining complex at Jamnagar in Western India, aims to get the first cargo of oil from its new Abu Dhabi-based trading unit in December, a source familiar with the matter said
Billionaire Mukesh Ambani-backed Reliance group in October announced plans to set up Reliance International Ltd (RINL) to trade in crude oil, petroleum, products and agricultural commodities.
The Indian conglomerate aims to get about a 500,000 barrels cargo of United Arab Emirates' Das crude from RINL, said the source, who is not authorised to speak to media
Read MoreAbu Dhabi chemical company, Reliance Industries form $2 billion production JV
Abu Dhabi state-owned Chemicals Derivatives Company (TA'ZIZ) and Indian conglomerate Reliance Industries have agreed to start a more than $2 billion chemical production partnership in Ruwais, Abu Dhabi, TA'ZIZ said in a statement on Tuesday.
The joint venture, called TA'ZIZ EDC & PVC, will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, the statement said.
The JV aims to export the materials to target markets in Southeast Asia and Africa as well as selling them domestically.
Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting growing demand for these chemicals globally," TA'ZIZ said.
TA'ZIZ was formed last year, also as a joint venture, by Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi state-owned holding company ADQ, which own 60% and 40% respectively.
"India's need for PVC to propel its growth, and the value from the abundantly available feedstock in UAE, provides a win-win partnership for both companies," TA'ZIZ quoted Reliance's billionaire chairman Mukesh Ambani as saying.
TA'ZIZ said in November last year it had chosen potential investment projects worth over $5 billion in the planned Ruwais Derivatives Park, for the development of which the JV is meant to act as a catalyst.
The project is Reliance's first investment in the MENA region, TA'ZIZ said
Read MoreCapex time! IOC to spend ₹ 1 lakh crore on refinery expansion
The country’s largest refiner, Indian Oil Corporation (IOC), is increasing its capacity by 25 million metric tonnes per annum [MMTPA] and is targeting to process high-value petrochemicals in a big way. IOC will increase its overall refining capacity from about 81 MMTPA to 106 million tonnes by 2023-24, chairman and managing director Shrikant Madhav Vaidya told Fortune India.
The refining capacity of its Koyali refinery in Gujarat will go up from 13.7 MMTPA to 18 MMTPA, while capacity at Panipat refinery in Haryana will increase to 25 MMTPA from the current 15 MMTPA. A new 9-MMTPA plant, built by its subsidiary Chennai Petroleum Corp Ltd (CPCL), is coming up at Nagapattinam, Tamil Nadu. At its five-year-old Paradip refinery — the most modern refinery in India built at an investment of over ₹34,555 crore — a new ₹5,654-crore Mono Ethylene Glycol (MEG) plant is coming up. It will make IOC a major producer of textile fibres. The plant will use propylene and ethylene from off gases to make MEG, a key ingredient for the fibre.
The company will also foray into textiles, with plants coming up at textile parks near Paradip and Panipat petrochem complexes. Each of these projects will cost ₹2,000 crore each. A similar ₹5,251-crore petrochem plant is coming up at Gujarat refinery, mainly to reduce India’s dependence on butyl acrylate, a key ingredient for polyester and plastics
Ambani’s Reliance Ends Decade-Long Shale Venture With Asset Sale
Reliance Industries Ltd., the oil refining and petrochemicals giant controlled by Indian billionaire Mukesh Ambani, is ending it’s decade-long venture into North American shale gas with a sale of assets to a company backed by private-equity firm Warburg Pincus LLC. Ensign Natural Resources LLC agreed to buy drilling rights across 62,000 net acres in the Eagle Ford Shale region of South Texas for an undisclosed price Reliance, according to a statement on Monday. “With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America,” the company said in a separate to the statement. The sale is at “a consideration higher than current carrying value of the assets
Indian Oil Corporation To Establish 10,000 Ev Charging Stations Across India In The Next Three Years
The Indian Oil Corporation (IOC), the nation's largest oil firm, will set up 10,000 charging stations for electric vehicles (EVs) in the next three years as it prepares for the energy transition leading to net-zero by 2070, its chairman Shrikant Madhav Vaidya said. Prime Minister Narendra Modi on Monday made a pledge to cut emissions for the world's third-biggest emitter to net-zero by 2070.
While the IOC sees fossil fuels like petrol and diesel continuing to play a dominant role in meeting India's energy needs in the next couple of decades, the company is setting up the infrastructure to give confidence to automobile manufacturers for enhancement of EV production and to customers for an uninterrupted drive, Vaidya told reporters here.
"Energy pie of the country is growing. We are not a stagnant economy. Overall, our energy pie is growing and so all kinds of fuel will be needed to meet the energy needs," he said
Saudi's SABIC expects strong H2 after $2 bln quarterly profit
Petrochemicals giant Saudi Basic Industries Corp (SABIC) (2010.SE) swung to a $2 billion quarterly profit and said it expects solid performance to continue in the second half of 2021, backed by healthy demand and rising oil prices. SABIC, the world's fourth-biggest petrochemicals company by sales and asset value, swung to a second-quarter profit of 7.64 billion riyals ($2 billion) from a 2.22 billion riyal loss in the same period last year, beating the average forecast of 6.1 billion riyals by six analysts according to Refinitiv data.
"Average selling prices rose by more than 10% backed by oil price increases and healthier demand. We expect the second half of 2021 to be similar to the first half," CEO Yousef al-Benyan told a virtual news conference.
SABIC sales jumped 72.3% to 42.4 billion riyals in the second quarter from 24.6 billion a year earlier.
Benyan said his company, which is 70% owned by Saudi oil giant Saudi Aramco, will remain focused on the Saudi market, as well as the United States, China and Africa, where it is exploring growth opportunities, although he did not give details.
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