Indian Oil Forms JV to Build SBR Plant in India

Indian Oil Corp. (IOC; New Delhi) says it has entered into a joint venture agreement with TSRC Corp. (Taipei) and Marubeni (Tokyo) to set up a previously announced styrene butadiene rubber (SBR) unit at Panipat, India. IOC will have 50% stake in the jv, TSRC will have 30%, and Marubeni will hold the remaining 20% stake. The project is expected to be completed by September 2012 at an estimated cost of Rs.9 billion ($202 million). The plant will have a capacity of 120,000 m.t./year of SBR, and will utilize butadiene feed from IOC’s naphtha cracker complex at...

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