MOSCOW (MRC) -- Bharat Petroleum (BPCL) on Wednesday said it will invest Rs 4,588 crore (USD741.44 million) to diversify into the petrochemicals business, a move that will help the state-run refiner boost margins by expanding beyond refining and retailing, said Businesstoday.
BPCL will produce niche petrochemical products, that are predominantly imported into the country, at its Kochi refinery using propylene that will be available once the ongoing refinery expansion is completed, the company said in a statement.
The state-run company plans to boost capacity at its Kochi refinery to 310,000 barrels per day (bpd) from the current 190,000 bpd by May 2016.
The project proposal will now be submitted for obtaining environmental clearance and the petrochemical unit is expected to come on stream during financial year 2018-2019, BPCL said.
As MRC wrote before, Technip has been awarded a contract by Air Products for a new industrial gas complex in Kochi, India. The contract covers project management, as well as engineering, procurement and construction management (EPCM) services for the new industrial gas complex for Bharat Petroleum Corporation Limited – Kochi Refinery (BPCL-KR) located in the state of Kerala.
Bharat Petroleum Corporation Limited (BPCL) is an Indian state-controlled oil and gas company headquartered in Mumbai, India. Bharat Petroleum owns refineries at Mumbai, Maharashtra and Kochi, Kerala (Kochi Refineries) with a capacity of 12 and 9.5 million metric tonnes per year.
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