The board of directors of Bharat
Petroleum Corporation (BPCL) on 28 October 2005, approved an equity investment
of Rs.1,996 crore in Bharat Oman Refineries (BORL) representing 50 per cent of
the latter's equity capital.
BORL is a company promoted by BPCL to
implement the Bina refinery project costing Rs.9,000 crore (including interest
during construction) in Madhya Pradesh. The project consists of a 6 million tpa
petroleum refinery complex at Bina in Sagar district. The project scope also
includes developing a single point mooring facility and crude oil terminal at
Vadinar in Gujarat's Jamnagar district, and constructing a 935-km cross country
crude oil pipeline from Vadinar to Bina. The entire project is likely to be
commissioned by December 2009.
BORL has reportedly started
negotiations with banks and financial institutions to part-finance the project.
BORL would be manufacturing Euro III
and Euro IV grade products, which would be marketed in India's central and
northern regions.
Also See:
Fiscal concessions
for Bina refinery project (26-Sep-05)