Indian Oil awards $255 million contract to Tecnimont Private Ltd
Indian Oil Corporation, the nation’s largest fuel retailer, has placed a $255 million contract on Tecnimont Private Ltd, the Indian entity of Italian firm Tecniont SpA, for the implementation of new Acrylic Acid and Butyl Acrylate Units for the production of high value added products for the chemical market.
Tecnimont SpA is a subsidiary of Maire Tecnimont SpA listed on the Milan Stock Exchange. As per the lump sum contract for Engineering, Procurement, Construction and Commissioning (EPCC) the units will be located in Dumad, near Vadodara, in Gujarat.
“After the recent announcement of the MoU with IOCL to support the industrialization of green chemistry and circular economy in India, we consolidate a strategic relationship with such a prominent client also in the petrochemical business,” Pierroberto Folgiero, Maire Tecnimont Group Chief Executive Officer, said.
Once commissioned, the new Acrylic Acid Unit will have a capacity of 90,000 tons per year, while the new Butyl Acrylate Unit will have a capacity of 150,000 tons per year. The time schedule is 26 months for mechanical completion.
