Petronas says no intention of buying India's Bina oil refinery stake

Petronas says no intention of buying India's Bina oil refinery stake
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KUALA LUMPUR (Aug 5): Petroliam Nasional Bhd (Petronas) said today it has no intention of acquiring any stake in India's Bina oil refinery although India is an important market for the Malaysian national oil company.

"Petronas refers to the report by Reuters published on July 29, 2019 titled "Petronas, Japan's JXTG may buy stake in India's Bina oil refinery."

"While India remains a key market for Petronas, we have no intention of acquiring any stake in the said refinery," Petronas said in a statement today.

On July 29, Reuters, quoting a source close to the matter, reported that Petronas and a consortium led by Japan's JXTG Holdings Inc are among the companies interested in buying a stake in India's Bina oil refinery.

It was reported that the Bina plant in central India, capable of processing 156,000 barrels per day of crude oil, is operated by Bharat Oman Refineries Ltd, a 50-50 joint venture between Oman Oil Co and state-run Bharat Petroleum Corp (BPCL).

"There are a new set of companies who have approached BPCL for a stake in its Bina refinery," the source was quoted as saying.

See also: Petronas, Japan's JXTG may buy stake in India's Bina oil refinery — source