IOC will build multiple refining projects

Recently, the Indian Petroleum Corporation (IOC) stated that it has signed an agreement with the Gujarat government to invest about 240 billion Indian rupees (approximately US$3.3 billion) in the construction of multiple petrochemical projects at the IOC Gujarat refinery in Vadadola.

It is reported that the company is constructing a petrochemical and lubricant integration (LuPech) project, acrylic acid/carbonyl alcohol project and other infrastructure projects. The LuPech project will produce imported substitutes such as lubricant base oil (LOBS) and polypropylene (PP). The acrylic acid/carbonyl alcohol project will produce butyl acrylate. Butyl acrylate is a key raw material for paints, coatings, adhesives and textile chemicals.

IOC stated that these projects will prepare the company for its future involvement in petrochemical projects such as PVC (polyvinyl chloride), styrene, acrylonitrile (ACN), polymethyl methacrylate (PMMA) and ethylene oxide. The total capacity of the Gujarat refinery is expected to increase to 18 million tons/year, and the current refining capacity is 4.3 million tons/year.