Maire Tecnimont Group Expands Its Petrochemicals Business In India with new $450 million Contract By IOCL
Maire Tecnimont S.p.A. has announced Indian Oil Corporation Limited (IOCL) has awarded an EPCC (Engineering, Procurement, Construction and Commissioning) Lump Sum contract to a consortium composed of its subsidiaries Tecnimont S.p.A. and Mumbai- based Tecnimont Private Limited. The contract is for the implementation of a new Para-Xylene (PX) plant and the relevant offsites facilities. The plant will be located in Paradip, in Odisha.
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PX is an intermediate building block for the petrochemical value chain, necessary for the synthesis of several polymers, particularly PET (polyethylene terephthalate, also known as polyester) which is used in numerous industrial applications in everyday-life in the packaging, cosmetic and pharmaceutical industries, to mention some.
Pierroberto Folgiero, Maire Tecnimont Group Chief Executive Officer, commented, “We are really glad that our relationship with a prominent player such as IOCL keeps on growing steadily with another strategic contract to boost India’s natural resources transformation capacity with the best available technologies, thus ensuring environmentally best-performing products and processes."As India is paving the way for a large wave of investments in the downstream segment to meet the fast-growing domestic demand for plastic products and intermediates, we are best positioned to seize new upcoming opportunities, thanks to our technological mindset as well as our historical local presence through our Indian engineering hub Tecnimont Private Limited, the Group CEO said.
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