L&T Hydrocarbon Bags an Onshore EPC Contract from IOCL Worth INR1100 Crores
Increasing
investments in expansion of petrochemical plants will surge the production of
LPG market in India.
India: L&T Hydrocarbon Engineering has won
an onshore EPC project worth INR1100 Crores from IOCL for setting up a 0.74
MMTPA Fluidised Cracking Unit (FCC) which includes LPG treatment facility at
Bongaigaon Refinery, Assam. The project includes basic engineering, detailed
engineering, procurement, supply, transportation, storage, fabrication,
inspection, construction, installation, testing, mechanical completion,
pre-commissioning and commissioning of the unit.
TechSci Research depicts that rising
demand from transport segment and increasing consumption of LPG to produce
various chemical components such as propylene, ethylene, butadiene, etc., is
anticipated to boost demand of LPG in the country in coming years. Furthermore,
increasing prices of naphtha, rising LPG imports and expanding distribution
network are anticipated to fuel consumption of LPG in India during FY17-FY26.
According to released report of TechSci Research, “India LPG Market By
End Use Segment (Residential, Commercial, Industrial, etc.), By Source (Crude
Oil Distillation, NGL & LNG Fractionation, etc.), Competition Forecast and
Opportunities, FY2012 - FY2026”
, LPG consumption in India is forecast to surpass 35 MMT by FY26. In order to
increase availability of LPG in the country and foster competition, private
sector was allowed to market LPG from April 1993, by decentralizing imports of
such petroleum products. This is
anticipated to boost adoption of LPG in various end user segments across the
country.