NEW DELHI: Headed for privatisation, the Board of state-owned Bharat Petroleum Corporation Ltd (BPCL) on Thursday approved a proposal to buy Oman Oil Company’s stake in the Bina refinery project in the state of Madhya Pradesh.
BPCL holds 63.68 per cent stake in Bharat Oman Refineries Ltd (BORL), which built and operates a 7.8 million tonne oil refinery at Bina in MP. Oman Oil had recently expressed an interest to divest its stake in BORL. The JV had become a subsidiary of BPCL in March this year when it converted warrants into shares, taking the state-owned refiner’s stake in the erstwhile equal joint venture to 63.38 per cent.
