Bharat Petroleum Corporation (BPCL) and LG Chem (South Korea) have signed an MoU for forming a Joint Venture to set up a petrochemical plant adjacent to its Kochi Refinery complex. BPCL, India second largest public sector oil marketing company, would be investing approximately Rs 14,000 crore over the next five years for expansion of its Kochi refinery.
As part of the expansion project, BPCL would be setting up a Petrochemical Fluid Catalytic Cracker (PFCC) which would generate 500 TMTPA of Propylene, thereby, providing BPCL a launching pad for diversification into Petrochemicals.
The petrochemical project would be set up in the JV mode at an additional cost of Rs 4000- 6000 crores adjacent to the Kochi Refinery and is slated for completion in the next four years dovetailed with the refinery expansion project.
