Indian Oil and Total to jointly produce Bitumen derivatives

Mumbai: Indian Oil Corporation (IOCL), India’s largest refiner and marketer of petroleum products, and French energy major Total, have entered into an equal joint venture to manufacture and market bitumen derivatives and specialty products for the growing road-building industry in India.

The joint venture will set up manufacturing units across the country to manufacture and market bitumen formulations and products such as polymer-modified bitumen, crumb rubber-modified bitumen, bitumen emulsions and other specialty products.

The JV will also explore the possibility of catering to other South Asian markets, IOCL said in a statement.