BP to opt out of Bhatinda JV with HP

24 Mar 2006

1

Mumbai: British oil major BP is having second thoughts on proceeding with its plans proposed 50-50 joint venture with PSU Hindustan Petroleum Corp. Ltd to build a Rs13,000-crore refinery at Bhatinda. BP and HPCL had agreed in October 2005 to build a 180,000 bpd refinery in India.

Though no reasons were given for the decision to withdraw from the venture, it is speculated that the decision may have something to do with the governments refusal to raise prices of domestic LPG and diesel to global levels.

PSU oil refining companies are keen to enter into joint investment collaborations to tap funds for expansion, as India hopes to emerge an oil refining hub in Asia Pacific.

ONGC formed a strategic partnership with Royal Dutch Shell in January this year explore for reserves in India and abroad. The two companies have also talked about the possibility of jointly entering refining.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers