Bharat Petroleum Corporation (BPCL) has reportedly signed a joint venture (JV) pact with South Korea’s LG Chemicals to set up a petrochemical plant near the Indian company’s Kochi refinery complex. The state-run oil marketing company plans to spend up to Rs 14,000 crore over the next five years to expand its Kochi refinery.
As per the plan, the company will set up a petrochemical fluid catalytic cracker, which will generate 500 thousand metric tonnes per annum of propylene and would help the company diversify into petrochemicals.
The cracker project, which will be set up via the joint venture at an additional cost of Rs 4000 to 5000 crore, is expected to be completed in the next four years along with the refinery expansion plan.
