India’s largest fuel retailer, Indian Oil Corporation (IOCL), has awarded a USD 255 million contract to Tecnimont Private Ltd, the Indian subsidiary of an Italian construction engineering group Maire Tecniont SpA, for the construction of a new petrochemical unit in India. Tecnimont Private Limited has been provided with a lump sum contract for Engineering, Procurement, Construction and Commissioning (EPCC) of a new Acrylic Acid and Butyl Acrylate Unit in Dumad, near Vadodara, Gujarat. Once commissioned, the new Acrylic Acid unit will have the capacity of 90,000 tonnes per annum, while the new Butyl Acrylate Unit will hold the capacity of 150,000 tonnes per year.
As per the contract, the project is entitled to mechanically complete in the span of 26 months and the Indian entity of Tecnimont SpA, will carry out the execution of the contract as a single point of responsibility. Maire Tecnimont has viewed its recent partnership with IOCL as a strategic move to support the industrialization of green chemistry and circular economy in India and also widen its reach in the country’s expansive petrochemical business. The Italian firm believes that the step in close sync with the vision of the Government of India which is single-mindedly working towards minimizing its import bills and burgeoning its trade relations. The Maire Tecnimont Group currently operates in 45 countries, through 50 companies and employs about 9,100 people.
As per ChemAnalyst,” Tecnimont’s entry into India for the production of high value-added products comes at a time when the Indian chemicals market is quickly regaining the strength to recover from the adverse impact of the coronavirus crisis. As the fifth-largest global economy and the largest economy in South Asia still grapples to recover from the unprecedented crises, the economic relief package provided by India for its most prominent sectors is a ray of hope to many investors across the globe.”