IOC signs MOU with BP for Acetic Acid Plant
New Delhi   24-Nov-2011

State-owned IndianOil (IOC) on Wednesday said it has signed an MoU with UK's BP plc for setting up a 1 million tonnes acetic acid plant in Gujarat. The MoU is for exploring "the potential for establishing a 50-50 joint venture to invest in a one million tonne per annum Acetic Acid plant in Gujarat together with associated gasification facilities for production of Synthesis Gas", the company said in a statement. The proposed Acetic Acid plant would employ BP's latest Cativa XL technology, while the gasification facilities would utilise petroleum coke feedstock from IOC. "A joint feasibility study is underway to confirm the exact configuration of the project."