Bharat Petroleum Corp. Ltd. (BPCL) has announced that it hasn't ditched its ambitious plan of investing Rs 5,000-crore in Kochi petrochemicals project, even as Korean firm LG Chem has retreated.

BPCL Chairman & MD R K Singh said that the company would not move back as from the planned investment and that it had already in talks with other prospective partners.

Speaking on the topic, the outgoing chairman said, "LG Chem has not confirmed its participation in the Kochi petrochemicals project. But let me assure you that there is no plan to shelve the project as we have already started discussions with other companies."

He said there was no question of ditching the project as the project would help the company diversify its operations, adding that BPCL would become the first company in India to make specialty chemicals.

He also claimed that talks with LG Chem over the Kochi petrochemicals project were at a very advanced stage and there were no differences between the two companies.

Currently, BPCL operates four refineries in the country: a 12 MT plant in Mumbai, a 6 MT Bina refinery in Madhya Pradesh, a 9.5 MT facility in Kochi, and a 3 MT Numaligarh refinery in Assam. The Bina refinery is a joint venture between BPCL and Oman Petroleum.