‘Oil body’ development is a big opportunity for a company in India
Google is betting big on synthetic oil body development for India.
The search giant has invested in a consortium to develop synthetic oil bodies for oil companies, including Sinopec, BP and Shell.
The new venture is backed by China’s China Petroleum Corp. (CPC), a big oil player in the Indian market, as well as India’s Oil and Natural Gas Corporation (ONGC).
This is the third time Google has partnered with Sinopex on synthetic body development.
Earlier this year, the search giant invested $1 billion to build a factory to manufacture synthetic oil products in India.
The project will create 5,000 jobs for about 5,500 people, said CVC chairman Rajesh Mehta in a statement.
“Google’s investments in the Synthetic Oil Bodies (SOB) industry are a great opportunity for India, and the company will benefit from the increased economic activity generated by the synthetic oil industry.
Synthetic oil bodies are a good platform for the development of new products and technologies that can be utilized in the manufacturing of new goods and services in the oil industry.”
The SinopEC has set up a manufacturing facility at its Chennai factory for the manufacture of synthetic oil in the next five years, it said.
The company said it has already started production and is looking to export the product.
The joint venture will develop the first production line of synthetic-oil products in China, the company said in a press release.