India plans to raise capacity at Bina refinery to 9mn tons/year - reports
India’s state-owned Bharat Petroleum (BPCL) will raise capacity at its Bina refinery in Madhya Pradesh to 9mn tons/year, reports indicated on Friday.
The $2.5 billion refinery project is a joint venture between BPCL and Oman Oil Co. (OOC), called Bharat Oman Refineries.
The Hindu Business Line said the unit – which was commissioned in January at 6mn tons/year, or 120,000 bpd – will be inaugurated by Prime Minister Dr. Manmohan Singh on May 20.
The $446mn expansion is part of a “creeping expansion”, press reports said, with a possible second project to raise capacity to as much as 15mn tons/year.
“Second phase expansion is contingent upon certain conditions like availability of enough water,” said BPCL chairman R.K. Singh, according to the Hindu Business Line.
Officials with the joint venture have said the company could soon come out with an initial public offering (IPO) of about 25% equity shares.
Bharat Petroleum owns 49% of the JV, with 26% to Oman Oil Co., according to reports.
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