BPCL to offer 51% to LG Chem in proposed Kochi propylene unit

24-Sep-12

Bharat Petroleum Corporation (BPCL), which is setting up its first propylene unit in Kochi, said it was ready to offer 51% stake in the Rs 6,000 crore project to its Korean joint venture partner LG Chemicals. ‘We have already inked an MoU (memorandum of understanding) with LG Chemicals for this project. They are looking at 51 per cent stake in the JV (joint venture) and we are open to that. The JV company will be in place by December or January and the plant will be commissioned by the end of financial year 2017,” BPCL Finance Director S Varadarajan said. He said the propylene plant is part of the company’s proposed petrochemicals complex planned at Ambalamugal near Kochi, where it also has a 9.5 mln ton oil refinery.