Mumbai, India – Bharat Petroleum Corporation Ltd.,(BPCL) has denied Indian press reports that it is planning to join a venture with Manali Petrochemicals to build a polyurethane project in Kerala, India.The report, which appeared on www.business-standard.com, prompted the Indian National Stock Market, to ask for clarification from BPCL.
BPCL said in a 9 January 2014 statement to the Stock Market: “This has reference to your mail seeking clarification on a news item ‘BPCL partners with Manali Petrochemicals for Rs 3k-cr project.’ “It is clarified that there is no such proposal and the news item has been published without the knowledge of the Company.”
Manali Petrochemicals was unavailable for comment.
The report suggested that the two companies would invest Rs 30bn ($483m) on a 350,000 polyurethane plant and form a 50:50 joint venture. The report claimed a pre-feasibility report is being prepared for a 150 acre (61ha) plant adjacent to BPCL’s Kochi refinery and the technology would be based on HPPO. It suggested a 2017 start up.