IOC, BP to evaluate joint plant in India

IOC, BP to evaluate joint plant in India

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 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.

Close