Page 42 - Plastics News April 2019

Business news

IOCL Paradip Refinery exports Mexichem invests in new

Bulk Propylene production in UK

OCL Paradip Refinery exported Bulk Propylene for the exichem Specialty Compounds has installed a new
Ifirst time The bulk propylene cargo loaded in vessel Mproduction line at its facility in Melton Mowbray,
MT Hong YU set on its voyage on the historical maritime Leicestershire. The US-based compounder, with
headquarters in Leominster, Massachusetts, operates UK
sites at Melton Mowbray and also Chinley, Derbyshire.
The additional volume will support global demand for the
Megolon range of low-smoke, halogen-free compounds.
According to the company, the market pull has been
created by wire and cable manufacturers responding
to Construction Product Regulations requirements.
The new line will increase annual production capacity
by 10,000 tonnes, effectively doubling current
output of specialty materials, including the Megolon
range.“Investing
in the ability to
day by Paradip Refinery earlier this month. Shri TDVS ra pidly se rvi ce
Gopalakrishna, Executive Director, Paradip Refinery our customers’
flagged off the maiden batch of Propylene cargo (2.55 TMT) requirements is at
in MT Hong Yu, from South Oil Jetty, in presence of Senior the forefront of
officials from Refinery, Marketing Terminal & M/s IOTL. this initiative,” said
The consignee of the cargo is M/s Mitsui & Co Ltd, Gresik Daniel J. DeLisle,
Indonesia. Paradip Refinery is IndianOil’s 11th Refinery. general manager of
It was dedicated in the service of the nation by PM Shri MSC. “While global
Narendra Modi on February 7, 2016. Envisioned as the standards continue to evolve, and while technology
Energy Gateway to Eastern India, the 15 MMTPA Refinery continues to advance, our reaction time to the pace
has been set up at an estimated cost of Rs. 34,555 crore. of business is critical to partnering with our customers
The foundation stone for the refinery was laid by former and meeting their needs.”
Prime Minister Atal Bihari Vajpayee in May 2002 MSC was formed in 2011 when Mexichem purchased
This being the first time in IOCL that bulk Propylene is AlphaGary Corporation and Bayshore Vinyl Compounds.
exported through ship. Incidentally Kotak has come out Vinyl Compounds UK joined the group in 2016, while
with its fourth quarter (January-March’ 19) earnings Sylvin Technologies (US) became part of the company
estimates for the Oil, Gas & Consumable Fuels sector. in 2018. In addition to the two sites in the US and
The brokerage house expects IOCL to report net profit at the two in the UK, MSC is currently constructing a
Rs. 7,621.9 crore up 46% year-on-year (up 963% quarter- new production facility in India. Mexichem’s Fluent
business in India, through the Dura-Line brand, is a
on-quarter).Net Sales are expected to increase by 20 leading international manufacturer and distributor of
percent Y-o-Y (up 1 percent Q-o-Q) to Rs. 141,093.2 crore, communication and energy infrastructure products and
according to Kotak. With a turnover of Rs. 5,06,428 systems, including conduit, cable-in-conduit, pipe, and
crore and a net profit of Rs. 21,346 crore in 2017-18, accessories. Mexichem has a long tradition of adding
and a market capitalisation of 1,71,511 crore, lndianOil value to materials and creating quality products.
is recognised as one of India's most valuable companies . Mexichem is a leading provider of products and solutions
The Company continues to be the largest contributor to across multiple sectors of industry and commerce,
the national exchequer in the form of duties and taxes. from construction and infrastructure to agriculture,
During the year 2017-18, Rs. 1,90,670 crore was paid to healthcare, transportation, telecommunications,
the exchequer as against Rs. 1,79,014 crore paid in the energy and more.These products have led to a strong
previous year. and growing financial performance.

Plastics News April 2019 42