Global petrochemicals update

Bharat Petroleum Corporation Ltd.

BPCL has announced plans to invest in a petrochemical venture. The company are expected to invest Rs 40 000 crores in the petrochemical industry as it looks to diversify its business portfolio. The money will be invested over a four year period.

Graham Corp.

Graham Corporation has announced that it has been awarded two surface condenser orders. The orders will total US$ 2.4 million. One is to be part of the expansion of an Indian petrochemical facility. The facility is being expanded to increase ethylene production. The surface condenser is scheduled for delivery in mid 2012.

LUKoil

LUKoil have announced intentions to invest US$ 25 billion in refining and petrochemical projects over the next 10 years. The money will be invested by the Russian company in global oil and petrochemical projects.

Saudi Arabia

The Saudi Arabian National Commercial Bank has announced that it is going to invest US$ 63 billion in to the country’s petrochemical industry to ensure it maintains its position as the world’s number on producer of chemicals. This investment will go towards funding 62 petrochemical projects in the country. 21% of the project target is currently being executed while a further 18% is now in the bidding stages for project contracts. It is thought that the larger projects in this investment scheme will be on stream in 2015.

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