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IOC, BP to evaluate joint plant in India

IOC, BP to evaluate joint plant in India
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First Published: Wed, Nov 23 2011. 04 38 PM IST

Updated: Wed, Nov 23 2011. 04 38 PM IST
Mumbai: Global energy major BP and state-run Indian Oil Corp (IOC) have signed an initial agreement to consider setting up a 1-million-tonne-per-year acetic acid plant and related gassification facilities in Gujarat, the two firms said on Wednesday.
The plant in Gujarat will employ BP’s Cativa XL technology and use petroleum coke feedstock from Indian Oil, the companies said in a statement, which did not disclose any financial details.
The project is targeted to commence in 2015, and a joint feasibility study is under way, the statement added.
Earlier this year, BP acquired a 30% stake in 23 oil and gas blocks owned by Reliance Industries, in a $7.2 billion deal.
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First Published: Wed, Nov 23 2011. 04 38 PM IST
More Topics: IOC | BP | Gujarat | Acetic Acid Plant | Corporate News |