Bhopal (Madhya Pradesh): Extension project of Bharat Petroleum Corporation Limited (Bina refinery) is in limbo because of some issues. The project is worth Rs 40,000 crore.
The state government spared no effort to get the work done, but an issue between the Bina Refinery and the government has blocked the path of the project.
According to sources, Uttar Pradesh has also set its eyes on the Central Government’s project which may be in trouble if the state government does not resolve the case.
The Cabinet Committee for Investment Promotion (CCIP) has given some additional concessions to the Bina Refinery for the project.
The issue is related to State Goods and Services Tax (SGST). The state government is ready to reimburse maximum 50% of SGST every year.
Along with this, what will be the maximum amount of compensation has been included in the terms and condition of the project.
It is because of this, that the project may incur loss at the very beginning. This is the reason that the project is in limbo. CCIP finalised the Bina Refinery Extension Project on December 15, 2022.
Afterwards, Bina Refinary applied for some amendments in the condition. The refinery is going to have SGST worth Rs 15,000 crore in 15 years. Once the condition is amended, the government may have to pay an additional amount of Rs 2,000 crore.
Chief Minister Shivraj Singh Chouhan has told the officers that there should not be any delay in Bina Refinery project. Despite this, the officials have failed to work out the issue.
Once the Bina Refinery project is completed, locals will get jobs and the area will develop. Nevertheless, the officials have yet to take a decision to resolve the issue.
