Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Wednesday said it has acquired partner OQ’s entire stake in the Bina refinery project in Madhya Pradesh for Rs 2,400 crore.
BPCL signed a sales purchase agreement with OQ, formerly known as Oman Oil Company Ltd, to acquire its 36.6 per cent stake in Bharat Oman Refineries Limited, the company said in a statement.
With this, BPCL now has full control over BORL, which runs a 7.8 million tonnes per annum capacity oil refinery at Bina in Madhya Pradesh.
“Bharat Oman Refineries Limited was incorporated in 1994 as a public limited company with equal equity participation of BPCL and OQ. Since March 2020, BPCL has been holding 63.4 per cent and OQ 36.6 per cent equity in the company.
