MOSCOW (MRC) -- L&T Hydrocarbon Engineering (LTHE), a wholly-owned subsidiary of Larsen and Toubro, announced that it has bagged an over to ?7,000 crore project to set up dual feed cracker unit in Rajasthan., said Chemweek.
In its regularity filing it did not provide the exact value of the contract, but specified that it secured the mega project from HPCL Rajasthan Refinery Ltd (HRRL).
"L&T Hydrocarbon Engineering Limited (LTHE), a wholly-owned subsidiary of Larsen and Toubro, has won an order from HPCL Rajasthan Refinery Limited (HRRL), a joint venture between Hindustan Petroleum Corporation (HPCL) and Government of Rajasthan," L&T said in a regulatory filing.
L&T said the engineering, procurement, construction and commissioning contract is for setting up a dual feed cracker unit (DFCU) for Rajasthan Refinery Project at Barmer, Rajasthan. "The DFCU is the biggest EPCC contract awarded in the country to date in the refinery and petrochemical sector," the company added.
The DFCU is used to convert Refinery Naphtha and Offgases to produce polymer grade Ethylene and Propylene by the process of thermal cracking. Shares of L&T were trading 1.24 per cent higher at ?1,161.95 apiece on BSE.
The recovery in the L&T stock has gathered further steam after the company informed the exchanges that it has won multiple orders for its construction and mining business.
So far in the December quarter, shares of the company have rallied nearly 31%. The stock of the engineering and capital goods major is now only around 7% away from its pre-covid highs.
According to MRC's DataScope report, PE imports to Russia decreased in January-November 2020 by 17% year on year and reached 569,900 tonnes. High density polyethylene (HDPE) accounted for the greatest reduction in imports. At the same time, PP imports into Russia increased by 21% year on year to about 202,000 tonnes in the first eleven months of 2020. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.
HRRL is a joint venture between Hindustan Petroleum Corporation (HPCL) and Government of Rajasthan.
MRC