State-owned Bharat Petroleum Corporation Ltd (BPCL) on Tuesday said its board has approved the ethylene cracker project at Bina Refinery including downstream petrochemical plants and expansion of the refinery with capital expenditure of approximately Rs 49,000 crore.

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Also, the board has approved the setting up of two 50 MW wind power plants for captive consumption, one at Bina refinery in Madhya Pradesh and another at Mumbai refinery in Maharashtra, the company said in an exchange release.

The total project cost for two 50 MW wind power plants is approximately Rs 978 crore (Rs 489 crore for each project), it said.

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Further, the board approved putting up Petroleum Oil Lubricants (POL) and Lube Oil Base Stock (LOBS) storage installations with receipt pipelines at Rasayani in Maharashtra with a project cost of approximately Rs 1,903 crore.

The progress and completion of the above projects would depend on various factors including clearances from statutory authorities if required, it added.

Last month, the Madhya Pradesh Investment Promotion Committee headed by Chief Minister Shivraj Singh Chouhan approved a revised proposal of Rs 43,000 crore to Rs 50,000 crore for the expansion of the Bina refinery of BPCL and setting up of a petrochemical project.

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The production is likely to start by the financial year 2027-28. Petroleum by-products such as gasoline, diesel, ATF (aviation turbine fuel)/jet fuel, LLDPE (Linear Low-Density Polyethylene), HDPE (High-Density Polyethylene), bitumen, benzene among others will be produced at the complex.

(Edited by : Pradeep John)