Oman Oil to make additional investment in BORL
Bharat Petroleum Corporation (BPCL), Oman Oil Company (OOC) and Bharat Oman Refinery (BORL) have inked an agreement for additional investment of Rs 1,220 crore by OOC in BORL.
Following this investment, OOC’s stake in BORL will increase to 26%.
BORL, a joint venture between BPCL and OOC, is currently undertaking the 6 million metric tonne refinery project at Bina, Madhya Pradesh. The total estimated cost of the project is about Rs 11,397 crore.
The project envisages transporting crude oil from the western coast of India in Vadinar, Gujarat by a 935 km pipeline to Bina. The ultra modern refining facility that is being put up at Bina would make available Euro JV compliant petroleum products to the central parts of India as well as adjoining areas, the company said in its filing with the BSE.
Further, this will also enhance the supply security for state-run BPCL, the filing added.
About 96% of the project work has already been completed and the mechanical commissioning of the project is expected to take place early next year while the production is due to start in second quarter of 2010.
This refinery is promoted by BPCL and OOC along with its related crude oil import facilities and cross country crude pipeline.
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