The Hindu Business Line : BPCL approves Bharat Oman investment

BHARAT Petroleum Corporation Ltd (BPCL) has approved equity investment in Bharat Oman Refineries Ltd (BORL), amounting to Rs 1,996 crore, at a board meeting on October 28.

This represents 50 per cent of the total equity being raised by BORL.

The project consists of a six mmtpa refinery complex at Bina, situated in Sagar district, Madhya Pradesh.

The refinery would consist of a single point mooring system and crude oil terminal at Vadinar, in Jamnagar district in Gujarat. It also consists of a 935 km cross-country crude oil pipeline from Vadinar to Bina. The total cost of construction has been projected at about Rs 9,000 crore.

BORL has commenced negotiations with banks and financial institutions for the debt portion of the capital cost. It expects that terms of the debt would be finalised soon.

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