06 July 2012 11:39 [Source: ICIS news]
LONDON (ICIS)--BP and JBF Petrochemicals, a subsidiary of India-based polyester producer JBF Industries, have signed an agreement for licensing of BP’s purified terephthalic acid (PTA) technology, the UK energy giant said on Friday.
BP said that JBF intends to build a 1.25m tonne/year unit at the Special Economic Zone in ?xml:namespace>
Financial details of the plant and licence agreement were not disclosed.
BP added that JBF expects the Mangalore plant to come on stream at the end of 2014.
“This first third party, non-affiliate, licence recognises the quality of BP’s technology and builds on the excellent relationship between our companies. JBF is a world-class polyester producer and I’m proud that they’ve chosen BP’s leading technology,” said Nick Elmslie, chief executive of BP’s Global Petrochemicals Business.
BP said that over the years the PTA market has continued to grow at a high rate, adding that over 80% of the demand is now in Asia, with around 50% in
“The market is now of such a scale – greater than 50m tonnes/year and continuing to grow at close to 7% – that three or four new world-scale plants per year will be needed. This creates a material opportunity for us to add value by way of our technology,” said Elmslie.
Chairman of JBF Industries and Director of JBF Petrochemicals, B.C.Arya, said: “This investment is highly strategic for us, fulfilling our captive requirements for PTA at the lowest possible cost. This will make our integrated operations in
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