Frankfurt, Germany, Oct 17 (EFE).- German chemicals company BASF is studying a potential joint venture worth about $4 billion to build a new plant in India, according to a press release Thursday.
BASF said it has signed a Memorandum of Understanding with the Abu Dhabi National Oil Company (ADNOC), the Adani Group and Borealis AG to further study the option of constructing a new chemical complex in Mundra, India.
"The collaboration includes evaluating a joint world-scale propane dehydrogenation (PDH) plant to produce propylene based on propane feedstock to be supplied by ADNOC," the press release said.
"The designated site is planned at Mundra port in Gujarat, India, and the products are predominantly for the Indian market, serving a wide range of local industries, including construction, automotive and coatings."
It said the complex would be powered entirely by renewable energy resources.
"If realized, this would be the world's first CO2-neutral petrochemical site to be fully powered by renewable energy, fully in line with the partners' commitment to sustainability and energy efficiency."
Dr. Martin Brudermueller, BASF-SE's chairman of the board of directors said: "BASF remains committed to investing in India's growth."
"We look forward to working together with our partners in establishing a chemical cluster in Mundra and to supplying the Indian market with high-quality downstream products."
The partners said they want to complete the investigation stage by the end of the first trimester next year and begin construction in 2024.EFE
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