Kuwaiti oil co eyes 24% in Bina refinery
Kuwait Petroleum International (KPI) is in talks to buy 24% of the Bina joint venture refinery in Madhya Pradesh, two Indian and two foreign sources said, as the Middle East nation wants to increase its South Asian market share.
Global oil producers are vying to gain entry into the country’s expanding refining sector. The world’s third-biggest oil importer plans to raise its refining capacity by 77% to about 9 million barrels per day (bpd) by 2030 to meet rising fuel demand. “Talks with KPI are at a preliminary stage,” said an Indian source. KPI is the international downstream unit of state-owned Kuwait Petroleum Corporation (KPC).
The 1,20,000-bpd Bina plant is operated by Bharat Oman Refineries (BORL), a 50-50 joint venture between Oman Oil and state-run Bharat Petroleum.
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