Technology deal for Kochi petrochemical plant in 2-3 months: Bharat Petroleum Corporation Limited.

Bharat Petroleum Corp has decided to buy outright the critical technology to make specialty chemicals and expects to conclude a deal over the next few months, after its efforts to get a technology partner for Rs. 5,000-crore petchem project in Kochi did not materialise.

With the upcoming plant located adjacent to its Kochi refinery, the third largest oil marketer plans to end India's dependence on imports for speciality propylene derivatives- based products such as acrylic acid and acrylates used in plastics, paints, coatings, adhesives, inks and textiles.

The facility, once completed, will produce 250 million tonne of speciality propylene derivatives products.

'Since our plan to get the Korean major LG Chem on board as a technology partner for the petrochemicals project did not materialise, we have decided to purchase the technology for speciality propylene derivatives outright. We are hopeful of concluding a deal within the next 2-3 months,' BPCL Chairman and Managing Director S Varadarajan said here late last night after the PSU's annual general meeting.

ET