IndianOil, the leader in the downstream petroleum business, launched it’s ‘PROPEL’ range of petrochemical products here on Wednesday, after successfully completing its world scale petrochemical projects in record time. The company, acknowledged as the leader in the petroleum downstream sector in the country, is expected to bring to play its formidable reach, network and infrastructure into the petrochemical business.
“Every segment that we operate in, whether it is lubricants, automotive fuels, LPG or Aviation we have established ourselves as leaders. Our brands SERVO, XTRAPremium, XTRAMile and Indane amongst others, have been No.1 because of the emotional connect that we have with our customers. PROPEL will be the latest in the bouquet of our brand offerings and is backed by the same intensity of passion that has helped us capture the hearts and minds of our customers, “said B M Bansal, chairman, IndianOil, speaking after the launch of the new petrochemical brand which is expected to transform the complexion of the petrochemical business in the country.
Having identified Petrochemical business as the prime driver of future growth, IndianOil had earmarked Rs 30,000 crore (US $ 6.8 billion) investments during 2007-12 in world-class plants and a countrywide marketing infrastructure. These plants have been designed to use product streams from the Corporation’s own refineries, to produce a wide range of value-added petrochemical products and intermediates for segments as diverse as detergents, polyesters and polymers/plastic.
IndianOil had projected a turnover of Rs. 18,000 crore from its petrochemical business by the year 2011-12, making it one of the largest petrochemical players in the country within a short period of time.
With the domestic petrochemical industry growing at 13-15% in the last two decades, and considering the large potential for the future, IndianOil has set up a dedicated Petrochemical Group for marketing petrochemical, with five exclusive sub-groups classified product-wise (LAB, PTA, Polymers) and function-wise (Logistics & Exports), in addition to zonal and field set-ups to offer reliable service. Future plans
IndianOil is setting up a petrochemical complex at its upcoming grassroots refinery at Paradip in Orissa. To be commissioned by 2011-12, the 15-million tonnes per annum refinery will have facilities for production of front-end petrochemical, including paraxylene, polypropylene and styrene. A state-of-the-art 120,000 tonnes per annum Styrene Butadiene Rubber (SBR) unit, the first in India, is underway at Panipat, as a joint venture with TSRC Corporation, Taiwan, and Marubeni Corporation, Japan, to further strengthen IndianOil’s presence in specialty petrochemical. These initiatives are designed to catapult IndianOil into the top three petrochemical players in Southeast Asia in the long-term.