Bharat Petroleum Corporation Ltd (BPCL), India’s second-largest public sector Oil Marketing Company, would be going ahead with its ambitious plan to foray into niche petrochemicals with the Rs. 50 billion Kochi petrochemicals project, although its joint venture with the South Korean major LG Chem for the project has not moved forward.
In July 2012, BPCL and LG Chem had signed a memorandum of understanding (MoU) for forming a joint venture to set up a petrochemical plant adjacent to BPCL’s Kochi Refinery Complex. But, thereafter LG Chem has not confirmed its participation in the project, BPCL’s outgoing chairman and managing director RK Singh told reporters at the post-AGM briefing.
However, BPCL has no plans to shelve the project and the company has already started discussions with other global players who have the technology to manufacture specialty chemicals, Mr. Singh said.
Talking about the joint venture with LG Chem not moving ahead, Mr. Singh said it is the Korean company’s decision and there was no major problem on anything in the MoU.
At present, no Indian company has the technology to manufacture specialty propylene derivates, and BPCL plans to become the first Indian company to manufacture the same.
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