Bharat Petroleum plans $3 billion petchem plant near Mumbai
BPCL`s expansion is part of a national plan to spend $35 billion on petrochemical production in order to meet the expected increase in consumption of the chemicals for products including plastics, paints and adhesives. India currently only produces about 20 million tonnes a year of petrochemicals, less than the 40 million tonnes of demand expected for the 2017/18 financial year
BPCL earlier this month bought 500 acres (202 hectares) of land from a fertiliser unit of Hindustan Organic Chemicals Ltd , Hindustan Organic said in a notice to the Bombay Stock Exchange on March 17. Image source: Reuters