06 January 2010 09:29 [Source: ICIS news]
MUMBAI (ICIS news)--Indian Oil Corp (IOC) expects to sign a joint venture (JV) agreement this month to build a 120,000 tonne/year styrene butadiene rubber (SBR) plant at Panipat in Haryana by 2012, a company source said on Wednesday.
"IOC received board approval for the joint venture project in November 2009 and is now awaiting clearance of its other partners. It will sign the JV agreement by the end of this month [January]," the source added.
The company will hold a 48% stake in the Rs8bn ($173m) plant while 32% would be held by a technology supplier and 20% by an international trader. However, the source said he could not disclose the names of the JV partners at this stage.
Construction of the plant will begin in the first quarter of 2010 and the plant will be commissioned in the second or third quarter of 2012.
Butadiene would be sourced from a new plant that the state-owned refiner is building downstream of its new cracker at Panipat, while styrene would be imported, the source said.
($1= Rs46.117)For more on SBR visit ICIS chemical intelligence
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