Page 31 - Plastics News March 2020

Business news

Domo Chemicals to invest €12 IOCL invests Rs 400 Cr in

million in the new Plant in China northeast on refineries
upgradation

OMO Chemicals GmbH has announced plans for a
Dnew state-of-the-art plant in Zhejiang, China. The
new plant will be capable of producing 50,000 ton/yr of ndian oil Corporation Limited
sustainable and innovative engineered nylon compounds. I( IOCL ) has spent Rs 400
The company signed a new factory project through crore in the northeast on
“cloud contract” with PingHu DuShan port Economic refineries upgradation for BS-
Development District on February 20, 2020. Production VI, said G Ramesh, Chief
is expected to commence in the fourth quarter of this General Manager of IOCL.
year. DOMO Chemicals will invest €12 million in the new Ramesh who is head of Indian
plant, which will have more than 11,500m2 floor space. oil Corporation Limited (IOCL),
The company plans to install multiple production lines in the Northeast, said that all
at the first stage of development, which would offer an retail depots of Indian Oil in
estimated capacity of 25,000 ton/yr. There will be enough the state will dispense BS-VI
additional space available to cope with future demand fuels from April 1, 2020 and moving toward digitally.
requirements. The move is in line with the company’s “Upgrade to BS-VI is an effort of IOCL to ensure a
global growth strategy with a strong focus on the Asia smooth transition to country’s new pollution norms
Pacific (APAC) region. The new plant will be located in and digitization of oil sector by IOCL,” he added. As a
the convenient transportation port area of DuShan Pinghu part of the digitization, several initiatives have been
city, Zhejiang province, which is in close proximity to started which includes a unified mobile app to monitor
Shanghai and facing the East China Sea. The modern fuel needs of the consumer, issuance of e-receipts to
factory will integrate R&D, production, and sales. It will the consumer, can book indane cylinders through What
mainly develop and produce modified engineering plastics Apps messaging app and introduced toll-free no -1906
such as nylon 6, nylon 6.6* and high temperature nylon and we.iocl.com where consumers can send feedback
(HTN). These products meet the rising market demand for or lodge complaints. In order to promote a cashless
modified materials for the automotive, electronics and economy, Ramesh informed that IO has also rolled
consumer industries.Speaking at ceremony of the signing, out a cash back campaign wherein a customer can get
vice president Global Engineering Plastics, Ludovic 10% cashback on refueling with UPI or card and every
Tonnerre said, “DOMO Chemicals has only been operating day 40 lucky customers can win Rs 5000 daily through
lucky draw every evening. He also informed that IOCL
has spent Rs 17000 crore on refineries up-gradation
for BS-VI in whole India and around Rs 400 crore in
the northeast.” Many new retail outlets and LPG
distributorship have been commissioned for Arunachal
Pradesh and nearly 100 in the northeast states will be
retrofitted with modern amenities as a part of Indian
Oil ‘s effort to augment existing infrastructure,” he
added Ramesh hoped that these oil outlets will not
only increase the investment in the northeast but will
also provide employment and reach to both directly
in China since 2015, but we are growing rapidly. Despite and indirectly to people living in urban as well as rural
the current coronavirus challenges, we are confident that areas in their services. The Indian Oil officials told that
China will lead the world in embracing a future generation under its CSR activities the Indian oil has spent 7 crores
of sustainability and e-mobility solutions. projects in Arunachal Pradesh in the last three years.

31 March 2020 Plastics News