India assures Oman of refinery viability


India�s Oil Ministry has sought the support of Oman Oil Corp. (OOC) for the 70,000 million rupee Bina refinery project in Madhya Pradesh and has assured OOC that it will provide all necessary clearances for the project.

Apr 30th, 2000


India�s Oil Ministry has sought the support of Oman Oil Corp. (OOC) for the 70,000 million rupee Bina refinery project in Madhya Pradesh and has assured OOC that it will provide all necessary clearances for the project.

OOC, which had evinced interest earlier to pick up a 26% stake in the refinery, had recently expressed its unwillingness to support the project because it had been kept hanging for over 5 years as the result of a delay in obtaining various clearances.

The ministry, in a letter to OOC, said that the project is viable, as it has received clearances from the Ministry of Environment and Forest, which will allow completion of the 6 million tonne refinery in the next 5 years.

Bharat Petroleum Corp. Ltd. would hold a 26% stake in the refinery, while the remaining equity is to be held by financial institutions and the public.

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