Page 14 - Plastics News August 2020
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IndianOil approves integrated PX-PTA Bids for BPCL extended u to September
complex in Odisha
hough the EoI / bid is extended up to September
T30, 2020, the government is committed to the
he IndianOil Board has given the go-ahead for the
divestment process of Bharat Petroleum Corporation
Timplementation of an integrated para-xylene Limited (BPCL). The Department of Investment and
(PX) and purified terephthalic acid (PTA) complex Public Asset Management (DIPAM) said in a notice, “In
view of the further requests received from the
project at Paradip in the state of Odisha. The PX-PTA
Interested Bidders and the prevailing situation arising
complex shall be integrated with IndianOil's Paradip out of COVID-19, last date and time for submission of
refinery, which has been operational since 2015. SM EoI is extended up to September 30, 2020.” As per
reports from Zee Business, the government is
Vaidya, Chairman, IndianOil, said: "This plant, along
committed to the divestment process of Bharat
with the upcoming MEG (Mono-Ethylene Glycol) plant Petroleum Corporation Limited (BPCL) and it will be
completed by the end of 2020, said top government
sources. The government is planning a strategic
disinvestment of its entire shareholding in BPCL, one
of India's largest oil refinery. This comprises of 114.91
crore equity shares, which constitutes 52.98% of
BPCL's equity share capital along with transfer of
of 357 000 tpy capacity at Paradip, would be a ready
management control to a strategic buyer (except
source of feedstock for IndianOil's upcoming 300 000 BPCL's equity shareholding of 61.65% in Numaligarh
tpy textile yarn manufacturing project at Bhadrak in Refinery Ltd), the notice inviting offer said. Earlier it
was reported that BPCL disinvestment will not happen
Odisha, and can similarly facilitate other textile and
this year. However, the government has slammed
polyester projects in the region. We are sure that these these rumours and said that the government is ready
investments, along with investments in other for divestment. As per the reports, though there has
been a delay, the divestment process will be
downstream projects, will boost entrepreneurship not
completed this year. The process is expected to end by
only in Odisha but in the entire Eastern India that the FY 2021. The report also states that the delay is
would contribute to the 'Atmanirbhar Bharat' and 'Make cited to the ongoing COVID-19 pandemic as bidders
requested the government for pushing the deadline.
in India' vision of our nation." The PX/PTA project will
All in all the delay doesn't mean that the process won't
be completed by early 2024. be completed.
August 2020 12 Plastics News
