BPCL to consider 100% ownership of Bina refinery

Clearing the decks for the privatisation process, state-run oil refiner and marketer BPCL on Tuesday said the company’s board would on Wednesday take a call on buying a 36.6% equity share in Bharat Oman Refineries (BORL) — the unit that runs the 7.8 million tonne Bina refinery — from OQ S.A.O.C (formerly known as Oman Oil Company). BPCL already owns the majority 63.4% stake in BORL. Sector experts believe the acquisition of the remaining stake will smoothen the divestment process of the government’s 52.98% stake in the oil marketing firm.

BPCL added the board will also deliberate on the merger of Bharat Gas Resources, currently its wholly-owned subsidiary, with the holding company. Bharat Gas was formed in 2019 for better focus on gas business in 37 geographical areas across the country.