Govt expressing hope of reviving stalled West Coast Refinery project, if implemented, claims to be largest in world. The Rs 3+ lakh crore project was approved.. the government had acquired some land needed for the 60 MT per annum project. However, with change of guard and gas goals, the project was shelved. Govt said that though no concrete proposal has come from state or from investors, who were ready but the earlier governments were busy in their own things, just like the current.
Government first said it will not let the refinery come in one place, then it said it won’t let it come in another place. Foreign investors were willing, but now the situation has changed and we are trying to again revive. Overall, picture is looking very positive, as told to reporters. Indian Oil, Bharat Petroleum and Hindustan Petroleum are the promoters of the mega project.
The government put Bharat Petroleum Corporation (BPCL) on sales block and said it would completely sell its more than 50% stake in the country’s second-largest state-run oil refiner and marketer. Though it had received three tentative bids, it got only one financial bid from one, forcing it in May 2022 to shelve the plan pending a comprehensive review. How can a sale process under competitive bidding go ahead when there is only one bidder?