Bharat Petroleum Corporation Ltd has signed a Memorandum of Understanding (MoU) for its expansion project and the setting up of a petrochemical joint venture to be implemented in three years time at Kochi, as per ANI. The company will invest Rs.14,225 crore in its Integrated Refinery Expansion Project at the Kochi Refinery and Rs.5000 cr for setting up a petrochemical joint venture. The proposed IREP project envisages increasing the capacity of Kochi refinery from the present 9.5 mln mtpa to 15.5 mln mtpa, modernisation of the refinery to produce auto-fuels complying with Euro-IV/Euro-V specifications, upgradation of low value refinery residue stream to value-added products and production of propylene, which is a major petrochemical feedstock. The state government has agreed to extend incentives like deferment of various taxes to BPCL for its expansion program. BPCL has already signed an MoU with petrochemical major LG Chem, South Korea in this regard.