India’s state-owned Bharat Petroleum Corporation Ltd. (BPCL) on Friday signed a memorandum of understanding (MoU) with Kerala Industrial Infrastructure Development Corporation (KINFRA) on the construction of a petrochemical park on a 482-acre land at Ambalamedu in the city of Kochi by 2024. The project will include a cluster of micro, small and medium enterprises that use propylene derivatives produced by BPCL’s Kochi Refinery.
Previously, Arun Kumar Singh, the chairman and managing director of India’s state-owned Bharat Petroleum Corporation Limited (BPCL), said the company would invest ₹1 trillion ($13.5 billion) in its businesses over the next five years. BPCL will spend ₹300 billion ($4.06 billion) in its petrochemical business and ₹180 billion ($2.4 billion) in its upstream operations. Singh added that BPCL would also invest ₹70 billion ($948.2 million) in the biofuel segment.
