Board of Bharat Petroleum Corporation to meet on 17 Dec

For considering acquisition of shares in Bharat Oman Refineries and merger of Bharat Gas Resources with BPCL

The Board of Bharat Petroleum Corporation will meet on 17 December 2020 to consider according in-principle approval for the following -

(i) for acquisition of 36.62% of equity shares in Bharat Oman Refineries (BORL) from OQ S.A.0.C.(formerly known as Oman Oil Company S.A.O.C). This would amount to acquisition of 888,613,336 equity shares from O.Q. S.A.0.C. Presently, BPCL holds 63.38% of equity shares in BORL and OQ S.A.O.C holds 36.62% equity shares in BORL. The Board of Directors would also consider a proposal to approach Government of Madhya Pradesh (GoMP) for acquiring 269,00,000 warrants held by GoMP in BORL.

(ii) for merger of Bharat Gas Resources (a wholly owned subsidiary of BPCL) with BPCL.

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