Skip to main content
  1. Home
  2. Petrochemicals
  3. 20 Nov 24
  4. INEOS and GNFC sign MoU to build a new world-scale acetic acid unit in India

INEOS and GNFC sign MoU to build a new world-scale acetic acid unit in India

Published by , Assistant Editor
Hydrocarbon Engineering,

INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) have signed an Memorandum of Understanding (MoU) to explore the feasibility to build a new world-scale acetic acid plant at GNFC's site in Bharuch, Gujarat, India. INEOS Acetyls is a producer of acetic acid globally and GNFC is the only current producer of acetic acid in India. The two companies have held a technology partnership for close to 30 years but will now establish a new joint venture which will manage bringing this project to market, currently forecast in 2028.

David Brooks, CEO INEOS Acetyls, commented: "We are delighted to make this announcement today, working with our partner GNFC on this new project. India is recognised as being a key growth market for our products over the coming years and this investment will increase much needed locally produced acetic acid, reducing the country’s reliance on imports.”

Pankaj Joshi, MD GNFC commented that India imports approximately 85% of its annual requirements of acetic acid. Domestication of acetic acid will serve existing demand and provide a required boost to other evolving downstream demands saving precious foreign exchange outgo.

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/20112024/ineos-and-gnfc-sign-mou-to-build-a-new-world-scale-acetic-acid-unit-in-india/

You might also like

 

 The Hydrocarbon Engineering Podcast

A podcast series for professionals in the downstream industry featuring short, insightful interviews. Subscribe on your favourite podcast app to start listening today.

Apple Podcasts  Spotify Podcasts  YouTube

 
 
 

Embed article link: (copy the HTML code below):

 

This article has been tagged under the following:

Downstream news