Oman Oil picks up 26% stake in BPCL refinery project
Press Trust of India / New Delhi Nov 25, 2009, 16:12 IST
Oman Oil Company has paid a premium to pick 26 per cent stake in Bharat Petroleum Corporation's under construction Bina Refinery Project in Madhya Pradesh.
"Oman Oil Company has paid Rs 15 for a share of Rs 10 for the stake," a source close to the development said.
Oman Oil Company, which had previously paid Rs 75 crore as equity in the Rs 11,397 crore project, will pay an additional Rs 1,220 crore, the source said.
BPCL will hold 50 per cent stake in the project that is scheduled to be commissioned in early 2010. For the remaining, Bharat Oman Refineries, the company implementing the project, would do an initial public offering, the date of which has not yet been decided.
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