Indian Oil Corporation (IOCL) has granted an EPCC (Engineering, Procurement, Construction and Commissioning) Lump Sum contract to Tecnimont, subsidiary of Maire Tecnimont for implementation of new acrylic acid and butyl acrylate units. The units, to be set up in Dumad, near Vadodara, in Gujarat will produce high added value products for the chemical market.
The overall value of the contract is about $255 million. The project scope entails engineering, procurement, construction and commissioning activities up to the Performance Guarantees Test Run. Once completed, the new acrylic acid unit will have a capacity of 90,000 tons per year, while the new butyl acrylate unit will have a capacity of 150,000 tons per year. The time schedule is 26 months for mechanical completion.Indian Oil Corporation (IOCL) has granted an EPCC (Engineering, Procurement, Construction and Commissioning) Lump Sum contract to Tecnimont, subsidiary of Maire Tecnimont for implementation of new acrylic acid and butyl acrylate units. The units, to be set up in Dumad, near Vadodara, in Gujarat will produce high added value products for the chemical market.#
Pierroberto Folgiero, Maire Tecnimont group chief executive officer, commented: "After the recent announcement of the MoU with IOCL to support the industrialisation of green chemistry and circular economy in India, we consolidate a strategic relationship with such a prominent client also in the petrochemical business. Our technology-driven strategy enabled us once again to seize opportunities in a market with a very promising downstream investment cycle, thanks to the growing demand for petrochemical products. Finally, in sync with the strategic vision of the government of India aimed at maximising the `In Country Value’, our Indian entity will execute the job as a single point of responsibility, confirming its strong capabilities in managing big complex projects."
Maire Tecnimont heads an industrial group which leads the global natural resource processing industry (downstream oil and gas plant engineering, with technological and executive expertise). Its subsidiary NextChem operates in the field of green chemicals and technologies in support of the energy transition. The Maire Tecnimont Group operates in 45 countries, through 50 companies and about 9,100 people.
Fibre2Fashion News Desk (SV)
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