By: ICN Bureau
Last updated : April 27, 2021 8:31 am
EPCC contract awarded by Indian Oil Corporation Limited for the implementation of a new Para-Xylene plant in Paradip
Italian firm Maire Tecnimont announced that a consortium of its subsidiaries Tecnimont S.p.A. and Tecnimont Private Limited has been awarded an Engineering, Procurement, Construction and Commissioning (EPCC) Lump Sum contract by Indian Oil (IOC) for setting up a Para-Xylene plant in Paradip, Odisha.
The overall value of the contract is about USD 450 million. “The scope of work entails Engineering, Procurement, Construction and Commissioning activities up to the Performance Guarantees Test Run. Once completed, the new PX plant will have a capacity of 800,000 tons per year,” the company said in a statement.
The Mechanical Completion of the project is expected to be completed in 33 months from the award date. The Para-Xylene produced will be used to feed the adjacent Purified Terephthalic Acid (PTA) unit, thus ensuring availability of world-class feedstock that will provide a significant boost to the Country’s manufacturing industry.
“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,” Pierroberto Folgiero, Maire Tecnimont Group Chief Executive Officer, said.
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 every day-life in the packaging, cosmetic and pharmaceutical industries, to mention some.
Maire Tecnimont S.p.A., listed on the Milan Stock Exchange, heads an industrial group which leads the global natural resource processing industry (downstream oil & gas plant engineering, with technological and executive expertise). Its subsidiary NextChem operates in the field of green chemicals and technologies in support of the energy transition. The