CPMA Member Companies
Latest News of CPMA Member Companies
RIL to double PET recycling capacity
Reliance Industries Ltd. (RIL) said it is doubling its PET recycling capacity by setting up a recycled polyester staple fibre (PSF) manufacturing facility in Andhra Pradesh through an arrangement with a local entrepreneur.
“The move is part of RIL’s commitment to lead the industry on circular economy, enhance its sustainability quotient and bolster the entire polyester and polymer value chain,” it said in a statement.
As a part of this plan, Srichakra Ecotex India Pvt. Ltd. will build and operate exclusively for RIL the new recycled PSF – Recron GreenGold and PET flakes wash-line in Andhra Pradesh.
RIL’s initiative to more than double its recycling capacity to 5 billion post-consumer PET bottles will ensure India maintains over 90% recycling rate, the company said. Vipul Shah, COO, Petrochemicals Business, RIL, said, “The expansion of PET Recycling capacity is part of Mr Mukesh Ambani’s vision to transform our legacy business into sustainable, circular and net zero carbon materials business and support the entrepreneurs to take risk throughout the value chain.”
Srinivas Mikkilineni, director, Srichakra Ecotex Pvt. Ltd., said, “The agreement with RIL provides an excellent opportunity for us to expand our footprint into the recycled polyester staple fibre market.”
Major fire breaks out at Haldia Petrochemicals plant
A major fire broke out at the Haldia Petrochemicals plant in Haldia in East Midnapore district of West Bengal on Tuesday afternoon.
The chemical factory's internal fire system has been pressed to action, but even nearly two hours after the detection of the fire, it is still to be brought under control. The plant authorities, however, assured that there no one is trapped inside and there is very minimum possibility of any casualty.
According to officials of Haldia Petrochemicals, there some repair work was going on in the pipeline attached to the Naphtha plant when the fire broke out.
Naptha is highly combustible and a little spark might cause fire. Generally, we clear the entire tank before any kind of repair work, but there is a possibility that some residual chemical was lying in the pipeline which caused the fire," a senior official of HPL said. Though the plant's internal firefighting system has been pressed into action and help has been sought from the other factories in the nearby locality, senior officials of the plant are of the opinion that the fire will not douse until the Naptha inside the pipeline is completely burned.
In a similar incident, in September 2019 a major fire broke out at the Naphtha cracker unit of the plant, injuring 15 people. Established in the ‘90s, Haldia Petrochemicals Ltd., often referred to as HPL, is one of the largest petrochemical companies in India, with a total capacity equivalent to 10,00,000 TPA of ethylene.
Indian Oil to build India’s first green hydrogen plant at Mathura Refinery
Indian Oil Corporation (IOC) is all set to build the country’s first green hydrogen plant at Mathura Refinery to meet the growing energy needs.
“Indian Oil has drawn a strategic growth path to focus on its core refining and fuel marketing businesses while making inroads into petrochemicals, hydrogen, and electric mobility over the next ten years”, Shrikant Madhav Vaidya, Chairman, IOC said in a statement. Vaidya added that the company has a wind power project in Rajasthan and the management intends use the power produced here to its Mathura refinery.
‘Key focus area’
On the integration of core businesses of Indian Oil, Vaidya said, petroleum refining and marketing with higher petrochemical integration will continue to be the company’s key focus area and it will add 25 million tonnes (mt) of refining capacity by 2023-24. He also said forecasts by various agencies sees the country’s fuel demand climbing to 400-450 mt by 2040 as against 250 mt now. There is a fresh momentum for scaling up hydrogen use across sectors globally. The company’s hydrogen compressed natural gas (HCNG) experiment in Delhi, wherein it converted 50 CNG BS-IV buses to run on HCNG fuel, has revealed benefits in reducing exhaust emissions and improving the fuel economy, said Vaidya.
Meanwhile, with the support of the Petroleum Ministry, Indian Oil is also in the process of setting up 1 tonne per day capacity pilot plants based on innovative hydrogen production technologies, and it will also operate 15 fuel cell buses in the Delhi NCR region along with Tata Motors
RIL net rises 4.2% to ₹13,806 cr. as refining lifts revenue by 57%
Reliance Industries Ltd. (RIL) on Friday reported first-quarter net profit rose 4.2% to ₹13,806 crore, as higher price realization in the oil to chemicals (O2C) business helped propel a 57% jump in overall revenue.
Revenue surged to ₹1,58,862 crore, from ₹1,00,929 crore a year earlier, aided by a doubling of revenue from the Oil & Gas business due to incremental production from KG D6 block, and increased revenues from the Jio and Retail units, RIL said in a release.
“Our company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the COVID pandemic,” CMD Mukesh D. Ambani said in the release. “The results... clearly demonstrate the resilience of Reliance’s diversified portfolio of businesses that cater to large parts of the consumption basket.”
Jio Platforms Ltd. reported consolidated net profit rose 44.9% to ₹3,651 crore as services revenue increased 9.8% to ₹22,267 crore. The telecom unit’s customer base rose to 440.6 million as on June 30. Total data traffic jumped 38.5% to 20.3 billion GB during the quarter.
Indo Rama Synthetics India Q1FY22 consolidated PAT drops QoQ to Rs. 14.22 Cr
Indo Rama Synthetics India has reported total income of Rs.695.31 crores during the period ended June 30, 2021 as compared to Rs.835.93 crores during the period ended March 31, 2021. The company reported total income of Rs.120.28 crores during the period ended June 30, 2020.
Indo Rama Synthetics India has posted net profit of Rs.14.22 crores for the period ended June 30, 2021 as against net profit of Rs.128.65 crores for the period ended March 31, 2021.
The company posted net loss of Rs.(77.63) crores for the period ended June 30, 2020.
Reliance's O2C, new energy biz may be valued more than $100 bn: Report
Billionaire Mukesh Ambani-led Reliance Industries Ltd's plans for investing Rs 75,000 crore in solar, batteries, fuel cells and hydrogen could create valuation of USD 36 billion (Rs 2.6 lakh crore) for the new energy business, Wall Street brokerage Bernstein Research said in a report.
Reliance currently has three verticals -- oil-to-chemical (O2C) business that houses its oil refineries, petrochemical plants and fuel retailing business; digital services that comprises telecom arm Jio; and retail including e-commerce. New Energy will be the fourth vertical.
At the company's annual general meeting of shareholders last month, Ambani announced a plan to invest Rs 75,000 crore in a new energy business over the next 3 years in the next stage in its transformation. Under plans announced, the company will invest across solar, batteries and hydrogen to create an integrated clean energy ecosystem.
Other big announcements at the AGM were the launch of the new smartphone JioPhone Next and induction of Aramco chairman to the RIL Board, which is positive for the spin-off in O2C business.
"Clean energy has the potential to be value accretive if Reliance can pull it off," it said. "Based on capex for clean energy, we see a route to Reliance building a clean energy business, which could be worth USD 36 billion."
It put a valuation of over USD 69 billion for the O2C business, USD 66 billion for digital services and USD 81.2 billion for retail. Upstream oil and gas operations are worth another USD 4.1 billion. Other investments such as in the media and hospitality space are valued at USD 3.7 billion
Reliance, along with ADNOC, to invest in mega petrochemical JV in Dubai
Reliance Industries Ltd (RIL) and UAE’s oil behemoth Abu Dhabi National Oil Company (ADNOC) have announced that they have signed an agreement to develop a giant petrochemical joint venture to produce chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at Ta’ziz Industrial Complex in Ruwais, the company said in an official statement. “The agreement capitalises on growing demand for these critical industrial raw materials and leverages the strengths of ADNOC and Reliance as global industrial and energy leaders,” said the statement.
The project will be constructed in the Ta’ziz Industrial Chemicals Zone, which is a joint venture between ADNOC and state holding company ADQ.
Ta’ziz & Reliance to construct integrated petrochemical plant.
Under the terms of the agreement, Ta’ziz and Reliance will construct an integrated plant, with capacity to produce 940 thousand tons of chlor-alkali, 1.1 million tons of ethylene dichloride and 360 thousand tons of PVC annually, said the statement. Chlor-alkali is used in water treatment and in the manufacture of textiles and metals. Ethylene dichloride is typically used to produce PVC. PVC has a wide range of applications across housing, infrastructure and consumer goods
Indian Oil Board accords Stage-I approval for setting up the first-ever Styrene Project in India
On Wednesday, the IndianOil Board has accorded "Stage - 1" approval for implementation of India's first-ever "Styrene Monomer Project" with a capacity of 387 thousand metric tonnes per annum (TMTPA) at an estimated cost of Rs 4,495 crore, at IndianOil's Panipat Refinery & Petrochemical Complex. This project will strengthen India's focus to harness opportunities in the petrochemical sector and sync with the Government of India's "Atmanirbhar Bharat" mission.
Earlier in February 2021, the IndianOil Board approved the Panipat Refinery Expansion Project to enhance its capacity from the existing 15 MMTPA to 25 MMTPA with a CAPEX of Rs 32946 Crore. As part of the Expansion Project, a new high severity Fluidized Catalytic Cracking Unit (FCCU) of 2.5 MMTPA capacity, based on IndianOil's flagship INDMAX technology, would be set up to maximize LPG production and manufacture basic petrochemical building blocks – Propylene and Ethylene. There is a Propylene potential of around 514 KTA of in the project, which would be utilized for the production of Polypropylene (PP) through a new PP unit. The Styrene Project aims to utilize the Ethylene potential from the INDMAX Unit alongside the Benzene that is already being produced at the Panipat Complex.
Styrene is used to produce Poly Styrene, Paints & Coatings / Acrylic, Unsaturated Polyester Resins, and Elastomers such as Acrylonitrile Butadiene Styrene (ABS), Styrene-Butadiene Rubber (SBR) etc. Presently India's Styrene consumption is around 900 TMTPA, and the demand is expected to increase consistently over the next 15-20 years.
It's official! Reliance to go green, will bet Rs 75000 crore on new energy
According to Ambani, Reliance will spend Rs 75,000 crore on the new energy business over three years and has already begun work on building a 5,000-acre hub in Jamnagar, Gujarat. "Jamnagar was the cradle of our old energy business," Ambani said, "Jamnagar will also be the cradle of our new energy business."
The Dhirubhai Ambani Green Energy Giga Complex will be amongst the largest integrated renewable energy manufacturing facilities in the world, he claimed, and will support Reliance's three-phase plan for its new venture.
As part of its strategy, Reliance is planning to build four "Giga factories": a solar manufacturing units, a fuel-cell manufacturing facility, a battery factory to enhance energy storage, and an electrolyzer unit to produce green hydrogen. All these facilities will be provided infrastructure and utility support from the planned green energy complex.
Reliance will invest Rs 60,000 crore in these facilities over the next three years, with an additional Rs 15,000 crore investment planned for developing the value chain, into partnerships, and future technologies, including upstream and downstream industries. "Reliance will thus create and offer a fully integrated, end-to-end renewables energy eco-system," Ambani said.
RIL's new energy strategy will also involve the creation on two more supplementary divisions: a dedicated Renewable Energy Project Management and Construction Division, and a dedicated Renewable Energy Project Finance Division. The company is planning to set up 100 GW of solar energy capacity by 2030. Ambani had made a commitment last year that Reliance will be net carbon zero by 2035.
"The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer," Ambani told shareholders
Reliance's FCCU unit at Jamnagar refinery shut, exports likely to be delayed
India's private refiner Reliance Industry said on Wednesday a secondary unit at its export-focused refinery in the western state of Gujarat has been shut since June 6, which may delay the shipment of some product cargoes.
The refinery, which has the capacity to process 704,000 barrels of crude per day (bpd), is part of the world's biggest refining complex in the city of Jamnagar in Gujarat state.
Reliance, which operates the refining complex, did not give a reason for the "emergency shutdown" of the refinery's fluidized catalytic cracking unit (FCCU)."The FCCU unit is being repaired on top priority and is expected to be restarted expeditiously," the company said in a stock exchange filing.
"Consequently, some product shipments may get delayed and we are working to minimize the impact on our customers," it said.
A source familiar with the matter said that the unit will be fixed in a week's time. The refining complex in Jamnagar has two refineries. The 704,000 bpd export-focused plant is adjacent to the 330,000 bpd refinery that mostly sell products in the local market