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Bharat Petroleum Corporation (BPCL), a Maharatna energy company, has finalized a loan agreement worth Rs 318.02 billion with a consortium of six lenders, led by the State Bank of India (SBI). The funds will be used to finance BPCL's Rs 489.26 billion Bina Refinery Expansion cum Petrochemical Project. The project encompasses the construction of a 1.2 million metric tonnes per annum (MMTPA) ethylene cracker unit and the expansion of the refinery’s capacity from 7.8 MMTPA to 11 MMTPA. Once completed, it is expected to reduce India's dependence on imports by producing downstream petrochemical products like Linear Low-Density Polyethylene (LLDPE), High-Density Polyethylene (HDPE), and Polypropylene (PP). During construction, the initiative is projected to generate over 15,000 jobs, while its post-commissioning phase is anticipated to create more than 1 lakh direct and indirect employment opportunities, significantly benefiting the local economy. BPCL Chairman and Managing Director G. Krishnakumar expressed satisfaction with achieving financial closure for the project, emphasizing its alignment with India's goals to boost industrial growth and infrastructure development. He stated that the project would be a significant milestone in advancing self-reliance in petrochemical products and enhancing the nation’s energy security. The foundation stone for the project was laid by Prime Minister Narendra Modi on September 15, 2023. SBI Chairman Challa Sreenivasulu Setty highlighted the bank's pride in partnering with BPCL to enhance India’s energy security through the establishment of a world-class petrochemical complex and the refinery’s brownfield expansion. He also noted that the successful financial closure of the Rs 318.02 billion credit facility demonstrated SBI’s ongoing support for critical national projects. This project represents a significant step in India's journey toward achieving self-sufficiency in polymer products, bolstering energy security, and fostering industrial and infrastructure growth.