OIL & GAS

Maire Tecnimont bags $450 million contract by Indian Oil for Para-Xylene project

Italian firm Maire Tecnimont announced a consortium of its subsidiaries Tecnimont S.p.A. and Tecnimont Private Limited has been awarded an Engineering, Procurement, Construction and Commissioning (EPCC) contract by Indian Oil (IOC) for setting up a Para-Xylene plant in Paradip, Odisha.

“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.

“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,” Maire Tecnimont Group Chief Executive Officer Pierroberto Folgiero said.

Para-Xylene is an intermediate building block for the petrochemical value chain, necessary for the synthesis of several polymers, particularly Polyethylene Terephthalate (PET) used in industrial applications in the packaging, cosmetic and pharmaceutical industries.

Source
ET Energy World
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