Essar Chem, Eastman in deal for oxo plant in India
Essar Chemicals, part of the Ruias-controlled Essar Group, and the NYSE-listed Eastman Chemical have signed a memorandum of understanding and the completion of a joint feasibility study on the potential of producing oxo and oxo derivatives for the...
By TNN |
MUMBAI: Essar Chemicals, part of the Ruias-controlled Essar Group, and the NYSE-listed Eastman Chemical have signed a memorandum of understanding and the completion of a joint feasibility study on the potential of producing oxo and oxo derivatives for the domestic market in India.
Oxo is used in the manufacture of a variety of end-use products such as coatings and paints, solvents and plasticisers. The feasibility study includes plans for a 150,000 tonnes per year oxo aldehyde plant and its derivatives.
���This business would further enhance the potential of Essar Oil���s refinery from where main feedstock propylene will be supplied for oxo and oxo derivatives complex. This project is the first step in the value chain integration of Essar���s refining business. We look forward to the establishment of a world-scale oxo chemicals plant at Essar���s refinery site at Vadinar,��� said Anshuman Ruia, director, Essar Group.
A Fortune 500 company, Eastman had sales of $7 billion in 2005, manufactures, and markets chemicals, fibres and plastics worldwide. ���We have the oxo and oxo derivatives technologies, and Essar has refinery products upstream of oxo processes at a significantly advantageous cost. The combination will ensure that the investment secures the margins we need,��� said Robert J. Preston, vice-president and managing director of Eastman���s Asia Pacific Region.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
