State-run Bharat Petroleum Corp. Ltd (BPCL) plans to set up a petrochemicals unit at its Bina refinery in Madhya Pradesh as part of its Rs25,000-crore expansion plan for the refinery, two company officials aware of the development said. Bharat Oman Refineries Ltd, a joint venture of BPCL and Oman Oil Co., runs the Bina refinery. Last April, BPCL decided to fund the Rs3,000-crore expansion of Bina refinery through the sale of convertible warrants by Bharat Oman Refineries to shareholders. Oman Oil was unwilling to participate in the expansion of Bharat Oman Refineries, BPCL said last year. Last April, the government approved BPCL’s investment of Rs3,000 crore in Bharat Oman Refineries for the first phase of expansion.

Source: Mint February 19, 2017 18:17 UTC