MUMBAI (ICIS)--Indian Oil Corp's plans to build a 1m tonnes/year acetic acid plant at Vadodara, Guarat, in a joint venture with BP are progressing well, a senior company official from the state-owned refining major said on Monday.
"The detailed feasibility study for the project is on; we should have a plus/minus 20% costs estimate by March and both the companies will then go to their respective boards to get budget approvals for procurement of long-lead items," said Sidhartha Mitra, the firm's executive director for petrochemicals.
"Work on the front-end engineering and design (FEED) should start from April and be ready by the end of the year; we will then approach the [respective] boards for final investment clearance," he added.
"The project is expected to take 30 months to complete and start-up is likely by end-2017," he said.
The project, a 50:50 joint venture with BP, is expected to cost Indian rupees (Rs) 80bn.