• search

Work on Rs 10,000-cr Bina refinery gathering momentum

Written by: Staff

Bina, MP, Aug 24 (UNI) Work on the Rs 10,000-crore Bina Refinery has begun picking up after cessation of heavy monsoonal showers and a major part of the infrastructure is likely to be in place by November.

According to Bharat-Oman Refineries Ltd MD R P Singh, Rs 200 crore have been expended since commencement of construction work in January this year. Besides, the corporation thus far effected contracts of Rs 650 crore for construction.

''Work is going on schedule and the physical progress achieved is 2.5 per cent against the scheduled target of 1.7 per cent. If one goes by these figures, then the refinery is likely to be rendered operational by June 2009, six months before deadline. The project is fast taking shape and from April next year, the expense will be of the order of Rs 100-150 crore per month,'' he told a visiting media team accompanying Madhya Pradesh Industry Minister Babulal Gaur today.

With Oman deciding to restrict its share to Rs 75 crore, the Bharat-Oman Petroleum Company Board has ayed 50 per cent equity for BPCL, which is a major partner. The equity was earlier pegged at 26 per cent.

''Offers have been received from Brazilian and Saudi Arabian companies expressing keenness to invest in the refinery. The possibility of Oman giving its original share cannot be ruled out. A decision will be taken after an Omanese team visits the site next January. The Bharat-Oman Petroleum Company will moblise Rs 1,000 crore through equity from the market next year,'' Mr Singh added.

More UNI AB AC 1541

For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more