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India's largest investor in Egypt's chemical business is planning to increase its investments in the Middle Eastern country to USD 1.5 billion, the company's top executive has said.
HPCL-Mittal Energy, a joint venture between HPCL and Mittal Energy Investments, Singapore, plans to set up an up to 1.7-mn tonne naphtha cracker unit to produce basic raw material.
"Reliance is executing major projects in its energy and materials chain at Jamnagar covering para-xylene, cracker complex along with downstream plants."
The Chief Minister asked him to send a proposal to the state government in this regard and assured that his request would be considered favourably.
In the previous MoU, the state had to pay an interest-free loan of Rs 3,736 crore every year for 15 years, adding a burden of Rs 56,000 crore on the state.
The main feedstock for paraxylene is heavy naphtha, a crude-based product which can also be converted into reformates, a blending component for high-octane gasoline.
The Bangkok-based maker of plastics used in items such as Coca-Cola Co. bottles generates about 40 percent of revenue from its North American factories.
With the proposed expansion, HPCL said the Mumbai refinery will be able to produce gasoline and diesel meeting Euro IV quality specifications, besides other petroleum products.
"What we have signed is an MoU expressing intent for setting up the petrochemical plant," GAIL Chairman and Manging Director B C Tripathi told PTI.
The business has secured three new orders, with a combined value of Rs 1,200 crore, for pipelines and associated works in the Western region of India.
The two signed an MoU for the same at last week's Vibrant Gujarat Summit in Gandhinagar, RIL said in a statement
Effect on PVC is likely to linger into April or beyond. Wood Mackenzie predicts extended softness in markets for polypropylene and PVC.
Earlier NRL has exported wax to Nepal, Kenya and Mexico. The consignment was flagged off by Director Finance NRL - S. K Barua.
The Indian petrochemicals industry has been growing annually by 14% and is expected to reach $100 million in size by 2020.
The proposed petrochemical complexes would not just be confined to Gujarat, Maharashtra, Andhra Pradesh, Odisha and parts of Tamil Nadu.
The pay increase is linked to a doubling of funds set aside for Dudley's pensions and is based on a calculation approved by shareholders in 2014.
| Company Name | Latest | Change | %Change | Volume |
|---|---|---|---|---|
| Nifty Energy | 11757.55 | -39.15 | -0.33 | 0 |
| Petronet LNG | 445.95 | 2.95 | 0.67 | 1181958 |
| Castrol India | 418.4 | -4.8 | -1.13 | 531324 |
| Indian Petrochemicals Corporation Ltd. | 0 | 0 | 0 | 0 |
| Gujarat State Petronet | 178.75 | 0.9 | 0.51 | 569300 |
| Finolex Industries | 640.65 | 12.55 | 2 | 151282 |
