Bharat Petroleum Corporation Limited (BPCL), the second largest Indian Oil Marketing Company, a ‘Maharatna’ and a Fortune Global 500 Company has today signed Sales Purchase Agreement with OQ, an integrated energy company Oman’s, for purchase of their entire stake in Bharat Oman Refineries Company Ltd (BORL), the 7.8 MMTPA capacity central India refinery, located at Bina in Madhya Pradesh.
Bharat Oman Refineries Limited was incorporated in 1994 as a Public Limited Company with equal equity participation of Bharat Petroleum Corporation Limited and OQ (formerly known as OOC). Since March 2020, BPCL has been holding 63.4% and OQ 36.6% equity in the Company. The Government of Madhya Pradesh has a minor stake in the Company through compulsorily convertible warrants.
Commenting on the occasion, N. Vijayagopal, Director (Finance) of BPCL said, “With the acquisition of OQ’s entire stake in BORL, BPCL will establish control over BORL. This is expected to bring immense advantages to both the companies in terms of synergies and optimization of returns and will facilitate any future expansion or diversification in Bina.”