Investment plans for Bharat-Oman refinery
Investment to more than double capacity
Plans have been announced to more than double the capacity for the Binba refinery- a joint venture between Oman Oil Company and India's public-sector company Bharat Petroleum Corporation Ltd., Zawya news website has reported.
BPCL is planning to expand the refinery's capacity to 15mn t. from the current 6mn t., Shivraj Singh Chauhan, Chief Minister of Madhya Pradesh, said on Saturday, according to media reports.OOC holds a 26% stake in the Bharat Oman Refineries Ltd joint venture, which owns the Bina refinery.
BPCL has announced that it will invest around $7.4bn in projects in refining, marketing and exploration over the next four years.This would include $500mn for expansion of Bina refinery's capacity from 6mn tonnes per annum to 8mn tonnes, BPCL chairman and managing director S Varadarajan said.
An initial public offering might be put in place. "We are fully geared to meet future challenges and are confident of surpassing targets and market expectations," Varadarajan said.