Kerala CM writes to PM against move to disinvest Bharat Petroleum

October 19, 2019 19:39

Kerala chief minister Pinarayi Vijayan has sought Prime Minister Narendra Modi's intervention to stop the reported move to disinvest the state owned Bharat Petroleum Corproation Ltd.

In a letter to Modi, a copy of which was released to the media, Vijayan said that the centre had initiated action through release of Request for Proposal, causing 'severe anxiety' among the general public in the state.

The state government was the promoter of the erstwhile Kochi refinery with five per cent stake and the state government had extended financial and non-financial incentives to BPCL when the refinery capacity was augmented, he said.

The state government had also agreed to refund the entire 'Work Contract Tax' amounting to Rs 85 crore to BPCL.

It was also agreed to treat the additional VAT revenue, due to the augmented capacity of BPCL, as soft loan, which is refundable after 15 years, the letter stated.

About Rs 1,500 crore has been advanced in this endeavour and these assistances from the state government was to ensure that the public sector refinery should be stregthened,he said.

The Kerala government proposes to set up a petrochemical park adjacent to BPCL on the assurance that the feed stock from the refinery would be made available. --PTI

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