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India's BPCL puts Bina refinery expansion plan on hold pending privatisation
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India's BPCL puts Bina refinery expansion plan on hold pending privatisation
India's Bharat Petroleum Corp has put on hold its plans to expand its Bina refinery and install a secondary unit at its Mumbai refinery to boost efficiency pending privatisation of the company, its head of finance N. Vijayagopal said. The federal government wants to sell its 53.29% stake in BPCL, the country's second-largest state-run refiner, to raise funds to rein in a ballooning fiscal deficit. 'It is for the new owner to decide whether they want and have the flexibility to add refining capacity,' Vijaagopal told an analyst conference.
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