SOURCE: Industrial Info Resources

June 23, 2008 05:00 ET

Assam Petrochemicals to Build $125 Million 165,000-Ton-per-Year Methanol Plant

BANGALORE, INDIA--(Marketwire - June 23, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas) -- Assam Petrochemicals Limited (APL) (BOM: 506267) (Namrup, Assam, India) plans to set up a new methanol plant at Namrup with a production capacity of 165,000 tons per year, at an investment cost of $125 million. APL is currently in talks with Oil and Natural Gas Corporation (ONGC) (BOM: 500312) (Dehradun, Uttarakhand) and Oil India Limited (OIL) (Noida) for supply of natural gas as feedstock for the project. APL has not yet received gas allocation for the new plant, but ONGC and OIL are reportedly scouting new gas reserves in upper Assam. APL is likely to be in contention for gas supplies with GAIL (India) Limited (BOM: 532155) (New Delhi), which is setting up a 280,000-ton-per-year cracking unit in Assam. India's demand for methanol is expected to reach 1.1 million tons this year, but the country currently faces a deficit of 500,000 tons.

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