Petronas says not buying India’s Bina oil refinery

PETALING JAYA: Petroliam Nasional Bhd (Petronas) has refuted a news report that it may acquire India’s Bina oil refinery.

“While India remains a key market for Petronas, we have no intention of acquiring any stake in the said refinery,” the oil major said in a statement.

Last week, Reuters quoted sources as saying that that Petronas and a consortium led by Japan’s JXTG Holdings Inc are among the companies interested in buying a stake in Bina oil refinery.

The Bina plant is capable of processing 156,000 barrels per day (bpd) of crude oil. It is operated by Bharat Oman Refineries Ltd (BORL), a 50-50 joint venture between Oman Oil Co and state-run Bharat Petroleum Corp Ltd (BPCL).

It was also reported that BPCL plans to double the capacity of the refinery in next five years and build a petrochemical complex that would require an investment sum of about 500 billion rupees (RM30 billion).