Bharat Petroleum and LG Chem Form JV for Petchem Project in India

Bharat Petroleum (BPCL; Mumbai) informed the Bombay Stock Exchange (BSE; Mumbai) that it had today signed a memorandum of understanding with LG Chem (Seoul) for the formation of a joint venture for a previously announced petrochemical project to be located adjacent to BPCL's refinery at Kochi, Kerala, India. The jv petrochemical project would involve an investment of about Rs40 billion – Rs60 billion ($715 million – $1.07 billion) and is expected to be completed in the next four years, BPCL says. The project will set up a fluid catalytic...

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