BPCL mulls investment in Mozambique LNG project and petrochemical complex at Kochi

20-Sep-11

India’s state-owned BPCL plans to invest US$400 mln for a 10% stake in a liquefied natural gas (LNG) terminal in Mozambique, as well as invest US$1.3 bln in a greenfield petrochemicals complex, adjacent to its Kochi refinery. BPCL has earmarked a fourth of its Rs 40,000 crore capital expenditure for upstream projects. Out of this most will be invested for developing the offshore Rovuma Basin gas field in Mozambique. BPCL’s diversification strategy comprises setting up a US$1.3 bln petrochemicals complex in Kochi for which talks are underway with at least four international majors.