LG Chem to hold majority in India propylene JV with Bharat Petroleum

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

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