Bina refinery to complete before schedule

Bina, MP, Apr 18 (UNI) While the Bharat Oman Refineries Ltd (BORL) promises to place on stream its Rs 10,000 crore refinery three months ahead of the schedule, it is yet to identify its other foreign investors.

However, BORL Managing Director R P Singh told a visiting group of mediapersons from Bhopal that there had been positive response from various overseas investors following the decision of Oman to keep on hold its further investment in the proposed refinery but he did not name any of them.

BORL sources pointed out that foreign investors were wary over the prospects of profitability of the refinery at the projected annual installed capacity of six million metric tonne.

However, BORL authorities clarified that ''there is scope for expansion and once it touches the nine million mark by 2012, we will achieve break even point.'' It is also proposed to expand it to 12 million metric tonne by 2018 to make it a profitable venture.

Madhya Pradesh Commerce and Industry Minister Babulal Guar, who reviewed physical progress of the project, assured to consider the BORL's demand for additional 1,000 acre of land for a petro-chemical by-product unit and said he had asked the Sagar District collector to soon submit his report on the matter.

Confirming that Oman had not made any further investment commitment after its initial share of Rs 70 crore, Mr Singh said, ''It has neither conveyed yes nor no. They still hold a stake of three per cent (Rs 70 crore) and are on our Board of Directors.'' He declared that the project would not be starved of funds.

''Even if Oman does not make any further contribution, we shall meet the gap and contribute 49 per cent instead of our original share of 26 per cent.'' More UNI