BPCL may buy Oman Oil’s share in Bina refinery
MUMBAI : State-run Bharat Petroleum Corporation Ltd may acquire its partner Oman Oil Company Ltd’s stake in Bharat Oman Refineries Ltd (BORL), a joint venture between the companies, said two officials from BORL.
“We will acquire Oman Oil’s stake if they are willing to offer. So far there has been on such communication from Oman Oil,” said N Vijayagopal, director finance, BPCL.
BPCL had this June increased its stake in the refinery from 50% to 63%, after converting warrants into shares. BORL thus became a subsidiary of BPCL.
BPCL had made an investment in compulsorily convertible debentures and share warrants of BORL or Bina refinery in Madhya Pradesh. This was equivalent to 24% additional equity stake in BORL.
