Volume 8 Issue 24
Indian Oil Corp. Ltd. signed a memorandum of understanding Monday with the government of the state of Gujarat for a project that will expand the company’s refinery in Vadodara and integrate petrochemicals production. The project includes construction of several new units, including a base oil plant with capacity to make 235,000 metric tons of API Group II and III base stocks.
India’s Standard Greases and Specialties Pvt. earlier this week purchased a stake in Archit Organosys, which produces organic chemicals, pigments, specialty derivatives, adhesives and sealants. Standard is the largest private label grease manufacturer in India.
India’s Tide Water Oil Co. and GP Petroleums Ltd. reported substantially higher net profit for the quarter ending March 31, compared to results in the same period in 2020, while Maximus International Ltd. posted lower net profit.