Bharat Petroleum Corporation Ltd (BPCL) has received approval from the Madhya Pradesh government for the expansion of the Bina refinery, and for setting up a petrochemical project in the state, as per a regulatory filing made by the state-run oil marketing company on April 14.
The Bina refinery, located at Bina Etawa in Madhya Pradesh's Sagar district, was founded in 2011. It is one of the major refineries operated by BPCL.
BPCL will invest an amount ranging from Rs 43,000 crore to Rs 50,000 crore for the two projects -- expansion of the refinery and setting up the petrochemical unit, stated a press release issued by the Madhya Pradesh government.
The nod to the BPCL's proposal was given by the Madhya Pradesh Cabinet Committee on Investment Promotion, headed by Chief Minister Shivraj Singh Chouhan, at a meeting held in the Secretariat on April 11, it added.
The establishment of the petrochemical project will generate jobs for around 2,000 persons, the state government said, adding that the production is likely to begin from the year 2027-28.
The petrochemical unit will make byproducts of petroleum such as gasoline, diesel, ATF/jet fuel, LLDPE, HDPE polypropylene, bitumen and benzene, the release said.
BPCL's shares on April 13 had closed at Rs 332.15 at the BSE, which was 1.44 percent lower as against the previous day's close.
The state-run fuel company had, in the third quarter of fiscal year 2022-23, reported a 37 percent decline in net profit at Rs 1,747 crore.
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