Mitsubishi Chemical Corporation (MCC), headquartered at Chiyoda Ward, Tokyo and Indian Oil Corporation Limited (IOC) have concluded an agreement over the licensing of MCC’s proprietary technology for manufacturing acrylic acid and acrylic acid ester.
Indian Oil Corporation Limited, the country’s largest oil and gas company, has been working on a project for producing petrochemicals from propylene in Dumad, India. Indian Oil Company has selected MCC’s technology for the process of manufacturing acrylic acid with an annual capacity of 90,000 tons and butyl acrylate with an annual capacity of 150,000 tons in the project.
Beginning in the year 1962, MCC launched the development of a process for producing acrylic acid and acrylic acid ester from propylene and built the first commercial plant based on the process at the Yokkaichi in 1973. The plant is continuing to operate to date. More than ten plants have been using the licensing process in the world.
Disposable diapers, coating compositions, and adhesive agents use acrylic acid and acrylic acid ester. Global demand for these acid chemicals is on the rise at an annual rate of more than 5%. MCC will actively promote licensing activity to new projects resulting from the growing global demand for petrochemicals.
MCC, founded in 1933, is an international chemical company of repute to produce performance products, industrial materials, and others. During the year 2016, the company had sales revenues of JPY 2,390.9 billion.
Indian Oil is India’s flagship Maharana national oil company with business interests straddling the entire hydrocarbon value chain – from refining, pipeline transportation and marketing of petroleum products to Research & Development, Exploration & Production, marketing of natural gas and petrochemicals.