Bharat Petroleum Corp. (500547.BY) Friday formally initiated commercial operations at its new 120,000-barrel-a-day refinery in central India that will allow it to sell fuel products in the country's north and take its total refining capacity to 30.5 million metric tons a year.
Bharat Petroleum Corp. (500547.BY) Friday formally initiated commercial
operations at its new 120,000-barrel-a-day refinery in central India that will
allow it to sell fuel products in the country's north and take its total
refining capacity to 30.5 million metric tons a year.
Indian Prime Minister Manmohan Singh inaugurated the refinery, which has a
capacity to process 6.0 million tons of crude a year and was set up by Bharat
Oman Refineries Ltd., a joint venture of Bharat Petroleum and Oman Oil Co.
The refinery at Bina in Madhya Pradesh state is expected to lower the company's
dependence on fuel product purchases from abroad and private refiners like
Essar Oil Ltd. and Reliance Industries Ltd.
The refinery has cost more than $2 billion to set up and it has the flexibility
to process all types of crude oil, the company said.
The project comprises a terminal at Vadinar in the western state of
Gujarat
for
unloading crude oil and a 935-kilometer pipeline passing through
Gujarat
and
Madhya Pradesh to carry the crude to the refinery.
Bharat Petroleum and the other state-run refiners, Hindustan Petroleum Corp.
and Indian Oil Corp., are adding refining capacity either by expanding existing
units or through new projects.
India
already has surplus refining capacity, with private refiners such as Reliance
exporting most of their fuel products, but the country continues to build
refineries as it seeks to become a refining hub in
Asia
.
According to oil ministry projections,
India
's
refining capacity will rise to 255 million tons a year by 2012 from 196.38
million tons as of Oct. 1.
Bharat Petroleum has a capacity to process 240,000 barrels a day at its Mumbai
refinery and 190,000 barrels at
Kochi
. Its
partially owned Numaligarh refinery in eastern
India
can
process 60,000 barrels a day.
It plans to take its total capacity to 50 million tons in five years.
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