Indian Oil And BP Eye Acetic Acid Venture

BP and Indian Oil have signed a memorandum of understanding to build a 1 million-metric-ton-per-year acetic acid plant in the Indian state of Gujarat. The partners would also build a facility for raw material carbon monoxide. The acetic acid plant would deploy BP’s Cativa catalysts and utilize coke feedstock provided by Indian Oil. Should a feasibility study now under way be favorable, the companies plan to open the plant in 2015. Separately in India, BP has set up an offshore oil exploration partnership with Reliance Industries, a competitor of Indian Oil.