Bharat Petroleum to buy OQ shares in Indian refinery

Muscat: Bharat Petroleum Corporation Limited said it will buy OQ’s shares in the Bina refinery project for about RO120 million.

BPCL holds a 63.68 percent stake in Bharat Oman Refineries Ltd (BORL), which built and operates a 7.8 million tonne oil refinery at Bina in the central Indian state of Madhya Pradesh.

In a stock exchange filing, BPCL said it has finalized commercial terms in connection with the purchase of the 88.86 crore equity shares of Bharat Oman Refineries Limited (BORL), constituting 36.62 percent of the equity share capital from OQ (formerly known as Oman Oil Company.”

The transaction, it said, is subject to the execution of the relevant transaction documentation and other conditions agreed upon among the parties.

“Upon completion, BPCL will hold 100 percent of the equity share capital in BORL,” it said.