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The BPCL Bina Refinery was incorporated as a Joint Venture between Bharat Petroleum Corporation Limited and OQ SAOC (formerly known as Oman Oil Company SAOC) in the year 1994 to set up central India refinery under a bilateral agreement.
 

With significant co-operation from the Government of Madhya Pradesh, Bina Refinery set up a six million tonnes per annum (6.0 MMTPA) grassroots petroleum refinery at Bina, M. P. in the serene surroundings of Bundelkhand. Dedicated to the nation in May 2011, by then Hon’ble Prime Minister of India, the refinery produced environmentally compliant fuels of BS-VI grade.

Since commissioning, the Company has achieved significant milestones and expanded its capacity to 7.8 MMTPA in 2018-19 to cater to demand of petroleum products in the market and also have plans to foray into Petrochemical business.

In the year- 2021, the Company become wholly owned subsidiary of Bharat Petroleum Corporation Limited – a 'Maharatna' Public Sector Unit of Government of India and a Fortune 500 company with upstream, midstream and downstream presence in the oil & gas sector.