BPCL Board approves acquisition of 36.62% stake in Bharat Oman Refineries

At meeting held on 17 December 2020

The Board of Bharat Petroleum Corporation at its meeting held on 17 December 2020 has accorded its approval for acquisition of 888,613,336 (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) subject to the finalization of definitive agreement between parties, the approval of the competent authorities and completion of Regulatory and other requirements. The Board of Directors has also approved the proposal to approach Government of Madhya Pradesh (GoMP) for acquiring 269,00,000 warrants held by GoMP in BORL.

BORL was incorporated on 25 February, 1994. The Authorised share capital of BORL is Rs. 7000 crore and paid up share capital is Rs. 2426.83 crore. BPCL holds 63.38% of the paid up share capital of BORL and OQ S.A.0.C holds 36.62% of the paid up share capital. The revenue from Operations of BORL for the financial years; 20 19-20 was Rs. 41,940.96 crore, 20 18- 19 was Rs 31,597.59 crore, 20 17- 18 was Rs 31,287.48 crore.

BORL has a refinery of 7.8 MMTPA capacity at Bina, Madhya Pradesh, Crude Oil import / supply system consisting of a Single Point Mooring System, Crude Oil Terminal at Vadinar, Gujarat and 937 KMs long cross country crude oil pipeline from Vadinar to Bina.

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