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Petronas and Japan's JXTG may buy stake in India's Bina oil refinery
Malaysia’s Petroliam Nasional Bhd (Petronas) and a consortium led by Japan’s JXTG Holdings Inc are among the companies interested in buying a stake in India’s Bina oil refinery, a source close to the matter said.
The Bina plant in central India, capable of processing 156,000 bpd of crude oil, is operated by Bharat Oman Refineries Ltd (BORL), a 50-50 joint venture between Oman Oil Co and state-run Bharat Petroleum Corp (BPCL).
“There are a new set of companies who have approached BPCL for a stake in its Bina refinery,” said the source, who asked not to be named as the discussions are private.
BPCL plans to double the capacity of the refinery in next five years and build a petrochemical complex that would require an investment of about 500 billion rupees ($7.24 billion), the source said.
Bharat Petroleum did not respond to a request for comment. Petronas and JXTG were not immediately reachable for comment.
After initially investing in the 120,000 bpd plant Oman Oil did not take part in the first round of expansion. India allowed BPCL in 2016 to issue debt instruments of up to 30 billion rupees to be converted into equity of BORL to fund the initial expansihere to 156,000 bpd.
Source: Reuters
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