Bharat Petroleum Corporation Ltd (BPCL) has proposed to set up petrochemical complex near its Kochi refinery in a joint venture at an investment of about Rs 4,000-5,000 crore.
In a written reply to the Lok Sabha, Minister of State for Chemicals and Fertilizers Srikant Jena said the project is proposed to be executed through a joint venture with reputed global players, the details of which are being finalised.
"The expected investment in the proposed petro-chemical complex by BPCL near its Kochi refinery is in the range of Rs 4,000-5,000 crore and is expected to be on stream during 2016," he added.
Jena said the company would produce speciality chemicals, which are being imported at present.
The minister said the government has approved proposals from Andhar Pradesh, Orissa and Gujarat to set up Petroleum, Chemical and Petrochemical Investment Regions (PCPIRs) in these states.
The proposal from Tamil Nadu is in advanced stage of approval. These PCPIRs do not include BPCL as an anchor tenant or principal investor.
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