The central government gave its approval on April 27, 2016 to Bharat Petroleum Corporation Limited (BPCL) to enhance its equity contribution in Bharat Oman Refineries Limited (BORL) for developing the Bina refinery expansion project. The investment amount can be enhanced up to a maximum of Rs 30 billion by way of subscription to convertible warrants/other instruments, giving BPCL the right to convert them into equity shares to be issued by BORL. BORL is a JV of BPCL and Oman Oil Company Limited, in which BPCL owns a majority stake of 49 per cent, Oman Oil holds 26 per cent while the remaining 25 per cent is held by financial institutions. However, Oman Oil is now unwilling to contribute more funds to the project. Further, the centre has also offered a 24 per cent stake in the project to UAE investors for Rs 13.3 billion ($200 million). BORL has proposed the capacity expansion of the Bina refinery from 6 million tonnes per annum (mtpa) to 7.8 mtpa, by debottlenecking in Phase I, at an estimated cost of Rs 35 billion. Work on the project will start soon and is scheduled to be completed by December 2018.