BPCL-Kochi Refinery is going ahead with its second petrochemical project to produce polyols at an investment of ₹11,300 crore. An import substitute, polyols are used in the production of polyurethanes used in diverse products such as automotive seats, mattresses and shoe soles.
The project is expected to go on stream by 2022, said Prasad K Panicker, the company’s Executive Director. BPCL is in talks with various global firms to finalise the technology for six different products. There is a huge demand for polyols and it is growing at 10 per cent per annum providing good scope for MSMEs to set up units in the complex, he added.
The first petrochemical project of BPCL-KR constructed at a cost of ₹5,500 crore is all set to commence operations by the middle of the year. It will produce acrylic acid, acrylates and oxo-alcohol that are used in the manufacture of paints, super absorbent polymers, detergents, adhesives, sealants and solvents. The technology has been sourced from Mitsubishi, Air Liquide Global and Johnson Mathey Davy.
The two projects will facilitate ₹13,000 crore forex savings per annum for the country.
With the completion of the second petrochemical project, BPCL-KR is expecting around 16 per cent increase in its turnover in three years. “We expect the turnover to increase by ₹10,000 crore to ₹70,000 crore by 2022 at the current level of prices,” Panicker said.
BPCL-KR is slated to complete its fuel upgradation project to comply with BS-VI norms by February next year. The project cost is around ₹3,300 crore.
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