India’s Department of Investment & Public Asset Management (Dipam) on 7 March invited bids for the government’s 52.98% stake in Bharat Petroleum (BPCL), operator of four refineries with a combined capacity of 38.3mn t/y (766,000 b/d). One plant, 3mn t/y (60,000 b/d) capacity Numaligarh, is excluded from the sale. This leaves the three refineries on offer as: 15.5mn t/y (310,000 b/d) Kochi in the southwest; 12mn t/y (240,000 b/d) Mumbai in the west; and 7.8mn t/y (156,000 b/d) Bina in the center. Bina is operated by a 50:50 joint venture of BPCL and Oman’s OOC. The deadline for expressions of interest is 2 May 2020.
Dipam aims to attract international investment to India’s refining sector. Government is already talking with Saudi Aramco and Abu Dhabi’s Adnoc for a 1.2mn b/d refinery and integrated petchems at Raigad, south of Mumbai. Progress has been slowed by protests over the refinery’s location while estimated costs have soared (MEES, 6 December 2019). (CONTINUED - 162 WORDS)