LG Chem quits JV with Bharat Petroleum at Kochi, petchem project not shelved

23-Sep-13

South Korea’s LG Petrochem has quit a petrochem JV for Kochi plant with Bharat Petroleum. After signing the MoU with BPCL in July 2012, LG Chem has not confirmed its participation in the Kochi petrochemicals project. However, Bharat Petroleum has said there is no question of shelving its ambitious plan of foraying into niche petrochemicals. Discussions are underway with other potential partners. BPCL and LG Chem had inked an MoU to set up the project adjacent to BPCL's Kochi refinery complex at an estimated investment of Rs 5,000 crore in July 2012. It was to be a part of the refinery's expansion project.