Indian Oil Plans Two Ventures

Indian Oil is exploring rubber and biofuels projects. To meet growing demand for styrene-butadiene rubber used in tires, Indian Oil has inked an agreement with Taiwan’s TSRC and Japan’s Marubeni to build a 210,000-metric-ton-per-year styrene-butadiene rubber unit at its Panipat, India, complex. Indian Oil will own half of the venture, TSRC will own 30%, and Marubeni will own the balance. The $200 million unit, to be completed in 2012, will use TSRC technology. Separately, Indian Oil has signed an agreement with Honeywell’s UOP unit under which the two will explore installing a demonstration unit to produce green transportation fuels from nonfood feedstock. The Indian firm, which bills itself as India’s flagship national oil company, says it wants to reduce its carbon footprint by 25%.