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.