GAIL & HPCL JV to build 1.5mn tons ethylene derivatives plant
Two state owned companies, oil refiner Hindustan Petroleum Corp Ltd (HPCL) and gas producer GAIL India Ltd, inked an agreement with the Andhra Pradesh Government to set up a Rs 40,000 crore petrochemical facility. The joint venture will put up a 1.5 million tons ethylene derivatives plant, to produce a varied range of petrochemical raw materials.“Expansion of the petrochemical plant in Uttar Pradesh has stabilised, while production from GAIL subsidiary Brahmaputra Cracker & Polymer in Assam is also being ramped up,” Gail chairman and managing director BC Tripathi, added.According to Tripathi, the company also seeks to capture new overseas markets for petrochemical products, for which it has already started exporting to China, Bangladesh, Myanmar, Nepal and Vietnam. (AR)