BPCL to rope in foreign partners for petrochem project

01-Dec-05

Bharat Petroleum Corporation Ltd (BPCL) is in talks with global majors Shell, British Petroleum (BP) and Total of France to rope them in for a stake in its 6-MMTPA Bina refinery. BPCL is also scouting for global partners to set up a petrochemical complex near the refinery and may swap equities in the refinery with that of the petrochemical complex to be set up by the foreign partner. The refinery will be set up with a crude oil supply system consisting of a single point mooring system (SPM) and a crude oil storage terminal at Vadinar. The project is to be commissioned by December 2009. The 935 kilometre long crude oil pipeline from Vadinar to Bina will be implemented by Bharat Oman Refinery Limited (BORL), a joint venture between BPCL and Oman Oil Company Ltd. The refinery is to cost over Rs 9,100 crore and BPCL will have 50% stake in it.