Bharat Petroleum Corporation (BPCL) plans to more than double capacity of its Bina refinery in Madhya Pradesh to 15 million tonnes at a cost of about Rs 23,000 crore.
BPCL and its partner Oman Oil Corp will in phase-I raise the capacity of 6 million tonnes Bina refinery to 7.8 million tonnes at a cost of Rs 3,500 crore by 2018. In Phase-II, the capacity would be raised to 15 million tonnes at an additional investment of Rs 18,000-20,000 crore.
This was disclosed when Madhya Pradesh Chief Minister Shivraj Singh Chauhan met Oil Minister Dharmendra Pradhan on Wednesday. Possibility of setting up a fertilizer plant and a chemical hub was also discussed, an official statement said here. Feasibility studies for expansion to 15 million tonnes will be undertaken in three months.
"During the meeting, the state government was requested to provide additional incentives like interest free loan and exemption from central sales tax and entry tax for the proposed expansions," the statement added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
