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Bharat Petroleum greenlights Rs 5,044 cr Polypropylene Unit at Kochi Refinery
Industry News- Dec 25,23
The proposed polypropylene unit is slated for completion in approximately 46 months from the date of investment approval, with a production capacity of 400,000 tonnes per annum, as per the company's statement.
Bharat Petroleum Corporation (BPCL), India's premier oil and gas company, announced on Wednesday that it has secured approval for a polypropylene unit project at its Kochi refinery in Kerala.
During the board of directors meeting held on December 19, 2023, the company approved an investment of Rs 5,044 crore to establish a polypropylene production unit at the Kochi refinery. This strategic initiative aims to meet the growing demand for petrochemicals in the country.
In a regulatory filing, Bharat Petroleum stated, "...we wish to inform you that the Board at its meeting held on December 19, 2023 has approved a proposal for setting up a Polypropylene (PP) Unit, for production of Polypropylene at Kochi Refinery, at a gross project cost of Rs 5,044 crore."
The proposed polypropylene unit is slated for completion in approximately 46 months from the date of investment approval, with a production capacity of 400,000 tonnes per annum, as per the company's statement.
G Krishnakumar, Chairman and Managing Director of BPCL, emphasised the significance of the Rs 5,044 crore investments, stating, "Our investment in the Kochi Refinery's polypropylene unit is part of our strategic commitment towards a sustainable future. This project addresses India's petrochemical demand and will have a transformative impact on the industry, catering to the needs of packaging films, containers, and more."
Bharat Petroleum disclosed in a separate stock exchange filing that the project will be funded in a 65:35 debt-equity ratio. The company also highlighted its existing operations of a Propylene Derivative Petrochemical Plant (PDPP) at Kochi Refinery, producing critical import substitutes such as acrylic acid, acrylates, oxo-alcohol, and other specialised petrochemicals.
Polypropylene, with versatile applications in packaging films, sheets, boxes, containers, bags, homeware, home care, personal care, and everyday articles, is poised to play a pivotal role in meeting diverse downstream industry needs.
Source: Livemint
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