State-owned Bharat Petroleum Corporation Ltd will commission the Rs 6,354 crore (Rs 63.54 billion) Bina refinery in Madhya Pradesh in two years' time.
BPCL chairman and managing director S Behuria, who was in Madirai to launch the company's 'Speed' petrol, said the refinery would have a capacity of six million tonnes per annum.
The Cabinet Committee on Economic Affairs had late last month approved raising BPCL's equity in the project from 26 per cent to 50 per cent. The company would now chip in Rs 1,271 crore (Rs 12.71 billion) as equity against the original Rs 549 crore (Rs 5.49 billion).
Oman Oil Company will hold about 2 per cent equity while the rest is to be garnered from financial institutions and the public.
The government is currently in the process of divesting 34 per cent of its stake in BPCL through overseas and domestic public offering, he said. The process of selecting global advisor for the divestment was underway and an announcement was expected shortly.
"BPCL would be a board-managed enterprise after divestment," he said.
On introduction of 'Speed', he said new products were being introduced in advance to face the competition from private players like Reliance Industries and Essar, which are in the process of setting up their own chain of petrol stations.
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