ONGC and GAIL India are keen to acquire stake in Kochi petrochemical project in Kerala.
The Rs 5,000-crore project is being developed by BPCL in JV with Korea's LG Chemicals as the lead partner. LG will hold 51 per cent stake in the project while BPCL will have remaining 49 per cent. However, the equity structure of the petrochemical JV is yet to be finalised. As part of this project, the JV will be setting up a petrochemical fluid catalytic cracker to produce propylene. It will produce high value products like acrylic acid and super absorbent polymers that are used in manufacture of diapers. Also, it would manufacture oxo alcohol that is a feed stock in manufacture of paints and certain cosmetics. The project is slated to be completed by December 2015 and commissioned by March 2016.