PSU NEWS
BPCL approved Oman Oil Company stake in Bina refinery project
New Delhi: Bharat Petroleum Corporation Ltd (BPCL) on Thursday (December 17, 2020) approved buying out Oman Oil Company's stake in the Bina refinery project in Madhya Pradesh at its board meeting. The BPCL also approved merging Bharat Gas Resources Ltd (BGRL) with itself, the company said in a filing to the stock exchanges.
In Bharat Oman Refineries Ltd (BORL) BPCL holds a 63.68 percent stake, which built and operates a 7.8 million tonne oil refinery at Bina in Madhya Pradesh. The board "accorded its approval for the acquisition of 88.86 crores (39.62 percent) of equity shares in Bharat Oman Refineries Ltd from OQ S.A.O.C. (formerly known as Oman Oil Company) subject to finalization of a definitive agreement between parties," it said.
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