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BPCL confirms LG Chem’s exit from Kochi petrochemical project

3:47 AM MDT | September 23, 2013 | Deepti Ramesh

LG Chem has pulled out of the 60-billion Indian rupee ($956 million) petrochemical project to be located adjacent to Bharat Petroleum Corp. Ltd.’s (BPCL; Mumbai) refinery at Kochi, in the southern Indian state of Kerala, reports say. CW, last July, reported exclusively that LG Chem’s participation in the project is uncertain. BPCL had signed a memorandum of understanding with LG Chem in July 2012 for the formation of a joint venture for the petrochemical project. BPCL says that it is committed to go ahead with the petrochemical project despite LG...

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