Financial Daily from THE HINDU group of publications
Tuesday, Jun 06, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 06, 2006 |
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Corporate
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Outlook BPCL may rope in partner for Bina refinery Our Bureau
BPCL can hold up to 49 per cent equity stake in the project and it will share the balance stake with the partner once finalised.
Coimbatore , June 5 Bharat Petroleum Corporation Ltd (BPCL), which has commenced work on the construction of 6 million tonnes refinery at Bina in Madhya Pradesh, is looking for a partner to implement the project expected to cost around Rs 5,000 crore. The company has completed the expansion of the refinery at Mumbai to 12 mt. Speaking to newspersons in Coimbatore today, Mr S. Radhakrishnan, Director (Marketing), BPCL, said the company recently completed the expansion of capacity of the Mumbai refinery to 12 mt. This refinery had started off in the 1950s with a capacity of 2 mt. The company has also commissioned the lube oil base stock plant with 1.80 lakh tonnes (lt) capacity. This would give the company the group 2 plus base oil, the highest quality base oil available in the domestic market, for producing lubricants.
Commissioning of plant
He said work on the Bina refinery has just commenced and he expected it to be commissioned by December 2009. The investment envisaged in the project was Rs 5,000 crore. He said the company was implementing the refinery project alone as of now, but he expected that "some people will join us as we go along". He said some companies have expressed interest in participating in the project but BPCL has not finalised any partner. When asked whether BPCL would be giving minority stake in the Bina refinery project to the joint venture partner, Mr Radhakrishnan said as things stood, the Government has allowed BPCL to take up to 49 per cent equity stake in the project. BPCL would share the balance with the partner once finalised. The company was in the process of identifying the partner but it was too early to say who would be the partner. He said the process of merging Kochi Refineries Ltd (KRL) with BPCL was on. Since both were Government companies, certain formalities have to be gone through and the hearings by the Department of Company Affairs were on. The BPCL Director handed over Rs 30,000 that would be loaded on to the Petro Card for purchase of fuel to Mr Udayashankar for winning the first prize in the promotion campaign organised by BPCL.
More Stories on : Outlook | Petroleum | Bharat Petroleum Corporation Ltd
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