BPCL to raise capacity at Bina oil refinery by 30%

Bharat Petroleum Corp Ltd  (BPCL) plans to expand capacity at its Bina oil refinery in Madhya Pradesh by 30 per cent to 1,56,000 barrels per day, at an investment of about $472 million, Reuters quoted its chairman S Varadarajan as saying.

The expansion of the refinery, a joint venture of BPCL and Oman Oil Co, will be completed by 2018, the report said.

Oman Oil, which has a minority stake in the venture, is not participating in the Rs3,000-crore expansion as of now, Varadarajan said.

Shares of Bharat Petroleum Corporation were up 2 per cent at Rs899 on reports that the company plans to expand capacity of its Bina oil refinery.

The stock opened at Rs883 and touched a high of Rs901. At 12:30 pm, over 950,000 shares were traded on both the BSE and the NSE.