IndianOil, BP to evaluate joint plant in India
New Delhi   24-Nov-2011

Global energy major BP and state-run IndianOil (IOC) have signed an initial agreement to consider setting up a 1-million-tonne-per-year acetic acid plant and related gassification facilities in western India, the two firms said on Wednesday.

The plant in Gujarat state will employ BP's Cativa XL technology and use petroleum coke feedstock from IndianOil, the companies said in a statement, which did not disclose any financial details.

The project is targeted to commence in 2015, and a joint feasibility study is under way, the statement added.

Earlier this year, BP acquired a 30 percent stake in 23 oil and gas blocks owned by India's Reliance Industries, in a $7.2 billion deal.