India to allow BPCL to go it alone with refinery: 'PTI'

India to allow BPCL to go it alone with refinery: 'PTI'

NEW DELHI (Reuters): The Indian government has decided to
allow Bharat Petroleum Corp Ltd to build the Bina refinery
without a joint venture partner due to a lack of response from
prospective equity partners, the Press Trust of India quoted the
country's Oil minister as saying on Saturday.

"We have decided to allow BPCL to go solo on the project as
was done in the case of Hindustan Petroleum Corporation Ltd's
Bhatinda refinery," PTI quoted Oil Minister Ram Naik as telling
reporters on the sidelines of a seminar.

The proposal would be placed before the cabinet committee on
economic affairs for final approval, PTI quoted Naik as saying.

The agency quoted Naik as saying that the refinery had a
locational advantage and would strengthen the corporation to
prepare for competition in the sector slated for completed
deregulation from April 2002.

India currently has 17 refineries which plan to process 112.8
million tonnes of crude in 2000/2001.

PTI quoted Naik as saying that the government will invite bids
for exploration and development of 25 oil blocks including eight
each in deep and shallow water under the second round of the New
Exploration and Licensing Policy (NELP) next week.

A government official, who did not wish to be identified, told
Reuters that the notice inviting tenders for the second round of
NELP would be issued on Dec. 18.