Rubber plant will contribute to foreign exchange savings: Moily
Updated: Nov 30, 2013 03:34:23pm
New Delhi, Nov 30 (KNN) The country's first state-of-the-art Styrene Butadiene Rubber (SBR) Plant which has been set up at Panipat in Harayana will facilitate the production of products such as tyres, conveyor belts, hose, shoe soles, industrial goods, etc without having to import SBR.
Previously, E-SBR which is used to make rubber products with superior processing properties like flexing resistance, tear and cracking resistance, improved abrasive resistance, etc was imported from other countries.
The facility was inaugurated yesterday by Petroleum Minister Veerappa Moily in the presence of Minister of State for Petroleum and Natural Gas and Textiles Panabakka Lakshmi and other dignitaries.
Moily described it as a milestone achievement by Indian Oil Corporation, India’s largest company to visualise and implement such a project which will result in substantial amount of savings in foreign exchange.
Indian Oil Corporation Limited, TSRC Corporation, Taiwan and Marubeni Corporation, Japan are joint venture partners in this project implemented under the banner of Indian Synthetic Rubber Ltd (ISRL). It is based on Butadiene available from Indian Oil’s Panipat Naphtha Cracker Complex.
The project, estimated Rs 958 crore has been designed to produce 120 KTA of high quality Styrene Butadiene Rubber which is currently imported for manufacture of automotive tyres and other applications. It is considered as a path breaking venture of national importance as there is no operating capacity in the country and the entire domestic demand is met through imports.
Commissioning of the project would significantly contribute to foreign exchange savings and also generation of employment opportunities in Haryana.
Moily also expressed satisfaction that Indian Oil has made full use of liberalisation and globalisation by expanding its wings and has emerged as the largest commercial organisation of the country.
The Minister informed that India is already on the POL export map. The country exported 63.4 MMT during 2012-13 (prov.), registering a growth 5 per cent over 2011-12.
In upstream sector, Moily underlined that his task is clearly cut out.
“I have started working towards strengthening the E&P sector, removing bottlenecks, improving investor sentiment and bringing in necessary reforms so that we gradually move towards self-reliance.” he said. (KNN/ST)
Previously, E-SBR which is used to make rubber products with superior processing properties like flexing resistance, tear and cracking resistance, improved abrasive resistance, etc was imported from other countries.
The facility was inaugurated yesterday by Petroleum Minister Veerappa Moily in the presence of Minister of State for Petroleum and Natural Gas and Textiles Panabakka Lakshmi and other dignitaries.
Moily described it as a milestone achievement by Indian Oil Corporation, India’s largest company to visualise and implement such a project which will result in substantial amount of savings in foreign exchange.
Indian Oil Corporation Limited, TSRC Corporation, Taiwan and Marubeni Corporation, Japan are joint venture partners in this project implemented under the banner of Indian Synthetic Rubber Ltd (ISRL). It is based on Butadiene available from Indian Oil’s Panipat Naphtha Cracker Complex.
The project, estimated Rs 958 crore has been designed to produce 120 KTA of high quality Styrene Butadiene Rubber which is currently imported for manufacture of automotive tyres and other applications. It is considered as a path breaking venture of national importance as there is no operating capacity in the country and the entire domestic demand is met through imports.
Commissioning of the project would significantly contribute to foreign exchange savings and also generation of employment opportunities in Haryana.
Moily also expressed satisfaction that Indian Oil has made full use of liberalisation and globalisation by expanding its wings and has emerged as the largest commercial organisation of the country.
The Minister informed that India is already on the POL export map. The country exported 63.4 MMT during 2012-13 (prov.), registering a growth 5 per cent over 2011-12.
In upstream sector, Moily underlined that his task is clearly cut out.
“I have started working towards strengthening the E&P sector, removing bottlenecks, improving investor sentiment and bringing in necessary reforms so that we gradually move towards self-reliance.” he said. (KNN/ST)
Loading...
