The Hindu Business Line : BPCL to go ahead with Bina refinery project on its own

BHARAT Petroleum Corporation Ltd (BPCL) is expecting financial closure of Bina refinery, taken up through its subsidiary Bharat Oman Refineries Ltd, in October 2005. The company has decided to go ahead with the project on its own and add foreign partner(s) at a later date.

The company has decided to implement the project on a 50:50 joint venture basis with foreign partner(s).

According to sources, while the discussions are underway with different foreign majors, BPCL has decided to start implementing the project with its share of equity contribution.

The company has advanced its discussion with the bankers for financing the project. Among the banks taking part in the discussion are State Bank of India and Punjab National Bank. The lead banker of the consortium is yet to be decided.

At the project configuration side, the company has finalised the phase-I capacity at six million tonnes.

However, finer details on the product list are yet to be drawn, as discussions are underway to identify the most profitable product lines.

In the second phase, the capacity would be expanded to nine mt.

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