BPCL Achieves Financial Closure for Bina Refinery Expansion

Bharat Petroleum Corporation Ltd (BPCL) has secured funding for its Bina refinery and petrochemical expansion project by signing a Rs 31,802 crore loan with six lenders, led by SBI. The project will boost India's petrochemical production, reduce import dependency, and generate substantial employment in Madhya Pradesh.

Bharat Petroleum Corporation Ltd (BPCL) announced on Friday that it has achieved financial closure for its ambitious Bina refinery expansion project. The development came after BPCL inked a substantial Rs 31,802 crore loan agreement with a consortium of six lenders led by the State Bank of India (SBI).

The Bina project, which entails an estimated investment of Rs 48,926 crore, aims to establish a petrochemical complex featuring a 1.2 million tonnes per annum (MTPA) ethylene cracker unit. It also intends to enhance the refinery's capacity from 7.8 MTPA to 11 million tonnes.

This expansion is set to significantly curb India's reliance on imports of petrochemical products such as Linear Low-density Polyethylene (LLDPE), High-density Polyethylene (HDPE), and Polypropylene (PP). Furthermore, the initiative is projected to fulfill the increasing demand for fuel in central and northern India, all while creating over 1 lakh employment opportunities during and after construction.

(With inputs from agencies.)