BPCL had earlier asked IOC and ONGC to consider equity participation in the project following reports that its proposed partner OOC was not keen in the joint venture and was exploring possibilities of joining a rival refinery project at Jamnagar being promoted by Essar. At one point in time, BPCL had even approached the government to allow it to go solo on the Bina project as was done in the case of HPCL's Bhatinda refinery. Its eagerness emanates from the fact that it operates just one refinery to process about eight mt of crude which constitutes just 40 per cent of its total sales of over 20 mt of products.

Consequently, it is deprived of refinery margins on about 60 per cent of its sales, sources said adding that the Bina refinery and taking over of two stand-alone refineries at Cochin and Numaligarh would give the Corporation the desired stability. BPCL has been asked to vet a proposal for going ahead with the six mt capacity refinery project solo, Mr Naik said, adding that the proposal would then be put before the cabinet committee on economic affairs for approval."We want to see the Bina refinery project sail quickly.

BPCL can induct partners in the project at a later stage," he said.Mr Naik said the refinery had locational advantage and would strengthen the Corporation to prepare for competition in the sector, slated for complete deregulation from April 2002.