Public Bharat Petroleum Corporation Limited of the area. (BPCL) on Friday said it has arranged finance for its Bina refinery expansion along with petrochemicals project. For this, the company has signed a loan agreement of Rs 31,802 crore with a group of six banks led by State Bank of India (SBI). The estimated cost of this project is Rs 48,926 crore. It aims to set up a petrochemical complex including a 12 lakh tonnes per annum (MTPA) ethylene cracker unit and expand the refinery capacity from 78 lakh tonnes per annum to 11 million tonnes per annum.
Will get help in production of these products
“This expansion will help BPCL to produce products like Linear Low-Density Polyethylene (LLDPE), High-Density Polyethylene (HDPE), Polypropylene (PP),” the company said in a statement. This will reduce India’s dependence on imports.” The expansion project aims to meet the growing demand for fuel in central and northern India in the near future. The project is expected to be completed within 48 months from the day of commencement of construction work. The foundation stone of this project was laid by Prime Minister Narendra Modi on 15 September 2023 in Bina, Madhya Pradesh. This will create employment opportunities in the area.
Thousands of employment opportunities will be created
According to the statement, “The project is expected to generate more than 15,000 employment opportunities during the manufacturing phase, while more than one lakh direct and indirect employment will be created after the commissioning.” This will not only boost the local economy but will also provide sustainable livelihood opportunities to the people of the area.” BPCL Chairman and Managing Director G Krishnakumar said, “We are happy to arrange finance for our Bina Refinery expansion along with petrochemicals project. Are. This is in line with India’s broader strategy to enhance industrial growth, infrastructure development and industrial activity.”
Loan facility of Rs 31,802 crore
“Once completed, it will be a significant achievement towards achieving self-reliance in petrochemical products and enhancing the energy security of the nation,” he said. C. Srinivasulu Shetty, Chairman, State Bank of India (SBI) said, “SBI , is partnering with BPCL in its endeavor to enhance India’s energy security through the establishment of a world-class petrochemical complex and expansion of its refinery capacity at Bina.” Shetty said, ”Total SBI is the lead bank with loan facility of Rs 31,802 crore. The financing arrangement is another example of how our partnership remains mutually beneficial for both organizations and the nation.
(With inputs from PTI/Language)
Latest Business News
