BP, IOC ink MOU for 50:50 JV in Gujarat

24-Nov-11

UK-based British Petroleum (BP) and Indian Oil Corporation have signed a memorandum of understanding (MOU) to set up a 50:50 joint venture for a 1 mln tpa acetic plant in Gujarat. The plant will come up with associated gassification facilities for production of synthesis gas. The two companies await results of the feasibility report to confirm the exact details of the project, which is expected to be commissioned in 2015. The joint venture will derive its technical prowess from the latest Cativa XP from BP while petroleum coke feedstock will be used from Indian Oil.