Page 23 - Plastics News March 2019

COMPANY NEWS

BPCL-Kochi Refinery’s second Ineos announces new vinyl
petrochem project to start in 2022 acetate plant

PCL-Kochi Refinery is going ahead with its second nited Kingdom energy company Ineos has announced
Bpetrochemical project to produce polyols at an Ua decision to invest £1 billion ($1.3 billion) in its
investment of Rs 11,300 crore. An import substitute, U.K. operations, of which £150 million ($199.7 million)
polyols are used in the production of polyurethanes used will be allocated to a new vinyl acetate monomer (VAM)
in diverse products such as automotive seats, mattresses plant. INEOS will invest £150 million in Hull to construct
and shoe soles. The project is expected to go on stream a new Vinyl Acetate Monomer (VAM) plant. This will
by 2022, said Prasad K Panicker, the company’s Executive bring production of an important raw material back
Director. BPCL is in talks with various global firms to finalise to the UK. The capacity at the site is expected to be
300,000 tonnes per year. VAM is a key component in a
wide range of important high-end products including
laminated windscreens, toughened glass, adhesives,
coatings, films, textiles and carbon fibre. Graham
Beesley CEO of INEOS Oxide said: “This is an exciting
time for INEOS and great news for manufacturing in the
region. We are proud to be bringing production of this
important material back to the UK. This will not only
strengthen UK manufacturing but boost exports from
the UK to Europe and the rest of the world.”
Sir Jim Ratcliffe concludes, “At an uncertain moment
the technology for six different products. There is a huge for the country, INEOS has confidence in its businesses
demand for polyols and it is growing at 10 per cent per and is committed to continue investing in manufacturing
annum providing good scope for MSMEs to set up units in and high skilled jobs in the UK.” INEOS is to invest £1
the complex, he added. The first petrochemical project billion in the UK in multiple projects designed to ensure
of BPCL-KR constructed at a cost of Rs 5,500 crore is all its British assets stay world class for a generation. The
set to commence operations by the middle of the year. It biggest investment being announced is in the Forties
will produce acrylic acid, acrylates and oxo-alcohol that Pipeline System (FPS). This £500 million investment will
are used in the manufacture of paints, super absorbent
polymers, detergents, adhesives, sealants and solvents.
The technology has been sourced from Mitsubishi, Air
Liquide Global and Johnson Mathey Davy. The two projects
will facilitate Rs 13,000 crore forex savings per annum
for the country. With the completion of the second
petrochemical project, BPCL-KR is expecting around 16 per
cent increase in its turnover in three years. “We expect
the turnover to increase by Rs 10,000 crore to Rs 70,000
crore by 2022 at the current level of prices,” Panicker said. transform the asset and extend the life of the pipeline
BPCL-KR is slated to complete its fuel upgradation project by at least twenty years, into the 2040s. INEOS is a
to comply with BS-VI norms by February next year. The privately owned UK multinational chemicals company
project cost is around Rs 3,300 crore. Bharat Petroleum headquartered in London, UK, and with registered
Corporation Limited is a Government of India controlled offices in Lyndhurst, Hampshire, UK and London, United
Maharatna oil and gas company headquartered in Mumbai, Kingdom. It is in the top two chemicals companies
Maharashtra.The Corporation operates two large refineries in the world as measured by sales revenue currently
of the country located in Kochi and Mangalore. around $90 billion.

23 March 2019 Plastics News