BPCL to go ahead with Bina refinery expansion sans Oman Oil Compnay in Madhya Pradesh.

With Oman Oil Company reluctant to put more money, Bharat Petroleum Corp Ltd. has decided to fund the Rs. 18,000-20,000 crore expansion of the Bina refinery in Madhya Pradesh on its own.

Bharat Petroleum Corp (BPCL), India's second-biggest state refiner, plans to raise Bina refinery capacity to 15 million tons in two phases - to 7.8 million tons a year from current 6 million tons at a cost of Rs. 3,500 crore by 2018 and then to 15 million tons at an additional investment of Rs. 18,000-20,000 crore in 5-6 years.

Oman Oil Company (OCC), which holds 26 per cent stake in the Bharat Oman Refineries (BORL) - the firm that built the refinery, is willing to participate in the first phase expansion but not in the second phase, a top official said.

'We are close to firming up plan to go ahead with the second phase expansion on our own. BPCL will fund the project,' he said.


ET