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Malaysia's Petronas, Japan's JXTG may buy stake in Bina refinery: Report

The Bina plant in central India, capable of processing 156,000 barrels per day (bpd) of crude oil, is operated by Bharat Oman Refineries Ltd

Promit Mukherjee | Reuters  |  Mumbai 

oil

Malaysia's Petroliam Nasional Bhd (Petronas) and a consortium led by Japan's JXTG Holdings Inc are among the interested in buying a stake in India's Bina oil refinery, a source close to the matter said.

The Bina plant in Madhya Pradesh, capable of processing 156,000 barrels per day (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 who have approached for a stake in its Bina refinery," said the source, who asked not to be named as the discussions are private.

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. and JXTG were not immediately reachable for comment.

First Published: Mon, July 29 2019. 15:54 IST
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