Petroliam Nasional Bhd (Petronas) of Malaysia and an association controlled by Japan’s JXTG Holdings Inc are amongst the corporations involved in purchasing stock in India’s Bina oil refinery.
BPCL has strategized to double the volume of the refinery in next five year. It plans to build a petrochemical complex. This would need an investment of about 500 billion rupees (RM30 billion). “There are a new set of companies who have approached BPCL for a stake in its Bina refinery,” said the unidentified source.
Oman Oil did not take part in the initial round of expansion even after primarily investing in the 120,000 bpd plant. Read more