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LG Chem to Hold Majority Stake in Indian Propylene JV with Bharat Petroleum

3:39 AM MDT | September 24, 2012 | Natasha Alperowicz

Bharat Petroleum (BPCL; Mumbai) says it is willing to offer a majority stake in a previously announced petrochemical project planned at BPCL's Kochi, India, refinery to LG Chem, its Korean partner. BPCL, in July, signed a memorandum of understanding with LG Chem to develop a propylene production joint venture at a cost of Rs60 billion ($1.1 billion). LG Chem is seeking to have a 51% stake in the venture and BPCL is "open to that," says S. Varadarajan, BPCL's finance director. The jv company will be set up by December or January, and the plant will...

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