"I am happy that our refining capacity, which was 620 lakh tonnes in 1998, has now become 1,870 lakh tonnes. By 2012, we are working toward enhancing this capacity to 2,380 lakh tonnes," the PM said, formally declaring the refinery in Sagar district of Madhya Pradesh open.
The Bina refinery was set up by Bharat Oman Refineries Ltd, a joint venture promoted by Bharat Petroleum Corporation Ltd with 26 per cent equity participation by Oman Oil Company and about 1 per cent by the Madhya Pradesh government.
"This project is an example of cooperation in many areas between Oman and India. I hope it will further strengthen the relationship between the two countries," Singh said.
The Prime Minister said the country is not only self-reliant in refining crude oil for domestic consumption, but is also exporting these petroleum products in a big way.
The country earned over USD 4,000 crore from the export of 560 lakh tonnes of petroleum products in 2010-11, he said, adding that the nation is constantly endeavouring to adopt modern refining technologies.
"I am happy that our refineries have achieved the capacity not only to produce environment-friendly auto fuels, but also supply BS-IV and BS-III standard auto fuels," Singh, who is on a day`s visit to Madhya Pradesh, said.
The Prime Minister expressed hope that new hydrocarbon sources found in Rajasthan and Andhra Pradesh recently will fulfill the crude requirement of Indian refineries in future, adding that the nation will further intensify its efforts to find newer sources of crude.
"The country needs to adopt new technologies in search of hydrocarbons," he said.
"Deep sea exploration, shale gas and tar sands are the new areas for oil exploration and in many parts of the world, search in this regard is going on," he said. "We also need to explore these new areas," the Prime Minister said.
Singh said the project will raise the revenue of the state government and provide employment to 5,000 persons, creating opportunities for downstream industries as well.
Addressing the function, Union Minister for Petroleum and Natural Gas S Jaipal Reddy said the Bina Refinery is equipped with world-class technology and has the flexibility to process all types of crude oil.
Madhya Pradesh Chief Minister Shivraj Singh Chouhan raised the issue of the refinery not fulfilling its commitment to provide 60 per cent employment to locals.
Union Ministers Kamal Nath, Kantilal Bhuria, R P N Singh, Jyotiraditya Scindia and Arun Yadav, Congress General Secretary Digvijay Singh and BORL Chairman R K Singh, among others, were present on the occasion.