Bharat Petroleum Corporation Limited (BPCL), a Maharatna public sector undertaking, has signed a loan agreement worth Rs. 31,802 crore with a consortium of banks led by the State Bank of India (SBI). The agreement, finalized on January 16, 2025, will finance BPCL’s ambitious petrochemical complex and refinery expansion project at its Bina Refinery in Madhya Pradesh.
This Project Finance Term Loan Facility is a significant step in BPCL’s strategy to bolster its presence in the petrochemical sector. The funding will enable the establishment of a state-of-the-art petrochemical complex producing downstream polymers and products such as Linear Low-Density Polyethylene (LLDPE), High-Density Polyethylene (HDPE), Polypropylene (PP), Benzene, Toluene, and Mixed Xylene. The project also includes a brownfield expansion of the Bina Refinery’s capacity from 7.8 million metric tonnes per annum (MMTPA) to 11 MMTPA.
The consortium of banks includes Punjab National Bank, Union Bank of India, Canara Bank, Bank of India, and Export-Import Bank of India, with SBI serving as the lead banker. BPCL disclosed this development in a regulatory filing to the stock exchanges on Thursday, marking a significant milestone in its growth trajectory.
