(MENAFN- Muscat Daily) Bharat Petroleum Corporation Ltd (BPCL), India's second largest oil marketing company, hopes to take Bharat Oman Refineries Ltd's (BORL) Bina refinery public next fiscal year, the Press Trust of India (PTI) news agency reported on Sunday.
BORL, a joint venture between BPCL and Oman Oil Co, currently has the capacity to refine 6mn tonnes of Arab mix crude. Oman Oil owns a 26 per cent stake in BORL.
''If all goes as planned and if we report a net profit next fiscal, which we are sure, and subject to market conditions, we hope to get the Bharat Oman Refineries listed next fiscal,'' said R K Singh, chairman and managing director of BPCL, who is also the chairman of BORL.
BPCL's fiscal year starts from April 1.
Singh said the Bina facility has been posting a profit since the last fiscal and is operating at 106 per cent of its capacity. It also garners the highest gross refining margin (GRM) for the company at US$9.1 per barrel. Singh said the Bina refinery's GRM is at par with the industry best.
Commissioned in January 2011, the Bina refinery, in India's Madhya Pradesh state, is undergoing a R25bn (RO154mn) expansion to take its capacity to 9mn tonnes, PTI reported.
Earlier, BPCL had said it would divest 24 per cent of its 49 per cent stake in the Bina refinery to take it public, but this time around Singh did not specify any particular divestment range.
BPCL has laid a 935km pipeline from Vadinar on the Gujarat coast to Bina to transport the imported crude.
The Bina refinery is one among the few in-land refineries producing LPG, naphtha, petrol, diesel and other products with a captive power plant. The refinery is designed to maximise diesel production.
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