Petronas: No intention to acquire stake in India’s Bina oil refinery

Talks were rife on Petronas’ intention to buy a stake in India’s Bina oil refinery.

KUALA LUMPUR: Petronas said today it has no intention of acquiring any stake in India’s Bina oil refinery.

However, in a statement, the national oil company reiterated that India remained a key market for its operations.

Previously, Petronas and a consortium led by Japan’s JXTG Holding, were reported as showing interest in buying a stake in the oil refinery.

The refinery, located in central India, is capable of processing 156,000 barrels per day (bpd) of crude oil and is operated by Bharat Oman Refineries (BORL), a 50-50 joint venture between Oman Oil and state-run Bharat Petroleum Corp (BPCL).

BPCL plans to double the capacity of the refinery in the next five years and build a petrochemical complex that would require an investment of about US$7.24 billion.