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BPCL to invest $4 bn next 5 yrs
BPCL to invest $4 bn next 5 yrs. Bharat Petroleum Corp Ltd (BPCL) plans to invest about $4 billion for more than doubling capacity of its Bina oil refinery in Madhya Pradesh. Initially, BPCL will invest Rs 3,500 crore in raising capacity of Bina refinery to 7.8 million tonnes a year from current 6 million tonnes by 2018, its CMD S Varadarajan said.
To double Bina oil refinery capacity
New Delhi: Bharat Petroleum Corp Ltd (BPCL) plans to invest about $4 billion for more than doubling capacity of its Bina oil refinery in Madhya Pradesh. Initially, BPCL will invest Rs 3,500 crore in raising capacity of Bina refinery to 7.8 million tonnes a year from current 6 million tonnes by 2018, its CMD S Varadarajan said.
And in the next five years, the company will further invest Rs 18,000-20,000 crore in raising capacity to 15 million tonnes. Oman Oil Company (OOC), which has a minority stake in the Bina refinery, is not participating in the expansion, he said. It holds 26 per cent stake in the Bharat Oman Refineries (BORL) - the firm that built the refinery. The firm had in 2009 paid a 50 per cent premium for a re-entry into the Rs 11,397-crore Bina refinery project.
BPCL, which holds 49 per cent stake in the project, provided the unbridged portion of the Rs 4,000-crore equity in form of loan. The state-run firm got its loan back once OOC made payments for its 26 per cent share. The remaining 25 per cent is with financial institutions. BPCL also operates a 12 million tonnes a year refinery at Mumbai and 9.5 million tonnes Kochi unit. It also has majority stakes in the 3 million tonnes Numaligarh refinery in Assam.
He said BPCL is expanding and upgrading its Kochi refinery in Kerala to process high sulphur crudes by 2016. Kochi refinery capacity is being raised to 15.5 million tonnes from current 9.5 million tonnes. Crude grades with a high sulphur content are cheaper, and refineries that have installed speciality secondary units to process them can lower feed costs and increase their margins.
