BPCL and ONGC jointly exploring setting up new refinery: Report

BPCL-ONGC new refinery: The oil refiner Bharat Petroleum Corp and explorer Oil and Natural Gas Corp are jointly exploring setting up a refinery, two sources familiar with the matter said. The talks are at a very nascent stage, the sources, who did not want to be named because they are not authorised to speak to media, said.

BPCL plans to increase its integrated refining and petrochemical capacities within the next five to seven years to meet growing energy demand, its chairman told shareholders last week.

Both the companies declined to comment on the development.

(This is a developing story)