New Delhi . Bharat Petroleum Corporation Limited (BPCL) has signed a loan agreement worth Rs 31,802 crore with a consortium of six banks led by State Bank of India (SBI).
Following this agreement, BPCL announced that it has arranged finance for its Bina refinery expansion and petrochemicals project. The total estimated cost of this project is Rs 48,926 crore, which aims to increase the capacity of Bina Refinery from 78 lakh tonnes per annum to 1.1 crore tonnes per annum and set up a petrochemical complex. This also includes construction of a 12 lakh tonne per annum ethylene cracker unit. BPCL Chairman and Managing Director G Krishnakumar said that this project will make a significant contribution in enhancing India's energy security. SBI Chairman C. Srinivasulu Shetty also described this partnership as beneficial for both the organizations and the nation. BPCL said the project will produce products such as Linear Low-Density Polyethylene (LLDPE), High-Density Polyethylene (HDPE), and Polypropylene, thereby reducing India's dependence on imports.
Also, this project will help meet the growing fuel demand in Central and Northern India. The construction work of the project has started after the foundation stone was laid by Prime Minister Narendra Modi on September 15, 2023, and it is targeted to be completed in four years. The project is expected to generate more than 15,000 employment opportunities, while more than one lakh direct and indirect jobs will be generated once the project becomes operational.
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