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ONGC and Gail want to join Kochi venture; acrylic acid and superabsorbents planned

9:03 AM MDT | October 17, 2012 | Natasha Alperowicz

Oil and Natural Gas Corporation (ONGC; New Delhi, India) and Gail India have expressed interest in partnering Bharat Petroleum (BPCL; Mumbai) and LG Chem in a previously announced Rs50 billion ($945.5 million) petrochemicals joint venture at Kochi, India. BPCL’s chairman and managing director, R.K. Singh, says that BPCL received written proposals from several companies wanting to join the project. ONGC and Gail are among these companies, he says.     “LG will take a 51% stake, and for the moment BPCL has the remaining 49%,” Singh says...

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