Korean chemicals major, LG Chem, has reportedly backed out of BPCL’s Rs 5,000-crore petrochemicals project in Kochi, Kerala. The state-run BPCL had signed an MoU with LG Chem in July 2012 for setting up the project adjacent to BPCL’s Kochi refinery complex as a part of the refinery’s expansion project. LG Chem has sited global environment as the reasons to not to pursue the Kochi project further.
READ COMPLETE REPORT: LG Chemicals backs out of BPCL's Rs 5k-cr petrochemicals project
However, BPCL has decided to proceed with the petrochemicals project as it wants to diversify into specialty chemicals segment. Hence, it has already started discussions with some of the leading companies who can offer it technology in this field and who could be roped in as a partner in the project, which would be spread over 150 acres, next to BPCL’s existing refining facility.
READ COMPLETE REPORT: LG Chemicals backs out of BPCL's Rs 5k-cr petrochemicals project
However, BPCL has decided to proceed with the petrochemicals project as it wants to diversify into specialty chemicals segment. Hence, it has already started discussions with some of the leading companies who can offer it technology in this field and who could be roped in as a partner in the project, which would be spread over 150 acres, next to BPCL’s existing refining facility.