Kuwait Petroleum International (KPI) plans to buy a 24% stake in the Bina joint venture refinery in central India, Reuters reported.
The Bina plant offers a capacity of 120,000 b/d and is a 50-50 joint venture between Bharat Petroleum Corp (BPCL) and Oman Oil Co.
An Indian source told Reuters that talks with KPI are reportedly “at a preliminary stage”.
BPCL is expected to retain half the refinery with KPI and Oman Oil splitting the remaining 50%, the source said.
A source from Oman Oil Co said that KPI’s participation in the deal is being discussed but that no agreement had been reached.
Additionally, Kuwait is enacting a downstream development plan internally, which aims to increase the country’s daily production capacity from 3.2 million barrels to 4 million barrels by the end of 2020, according to Oil and Gas News.
Kuwait also aims to more than double the Kuwait National Petroleum Company’s refining capacity from 936,000 b/d to 2 mb/d by 2035.