IndianOil signed an agreement with Mitsubishi Chemical Corporation, Japan for sourcing technology & associated services for Acrylic Acid Unit at Dumad, Gujarat. The agreement was signed by AN Jha, ED (Petrochemical-Projects), Business Development, Corporate Office and Masaya Nomamoto, GM, C3 Derivatives Department, Petrochemicals Business Domain, Mitsubishi Chemical Corporation, Japan in the august presence of Mr. B. V. Rama Gopal, Director (Refineries), IndianOil at Business Development (Petrochemicals) office, SCOPE Complex, New Delhi on April 19, 2018. SM Vaidya, ED, (Operations), RHQ and Debasish Roy, ED, (Finance), RHQ also graced the occasion with their presence.
Acrylic Acid will be used in the production of Butyl Acrylate. With currently no domestic production of Acrylic Acid and Butyl Acrylate, these products are entirely imported into India. This project is planned as a strategic move towards import substitution and further will consolidate the specialty chemical business of IndianOil.
Within a short period of time, IndianOil has established itself as the second largest player in Petrochemicals in India, with a wide range of products having a total capacity of 2.5 MMTPA. Petrochemical Business has contributed significantly to both the top-line and the bottom-line of IndianOil business in recent years. Further to upcoming 680 KTA of Poly Propylene Plant and Ethylene Glycol Project having a capacity of 356 KTA glycols at Paradip Refinery, 150 KTA of Butyl Acrylate plant is planned at Dumad, near Gujarat Refinery. Acrylic Acid, for which this agreement has been signed, is a raw material for Butyl Acrylate production. The capacity of the upcoming Acrylic Acid Unit is 90 KTA.