BPCL to buy balance stake in Bharat Oman Refineries

Bharat Petroleum Corporation (BPCL) on Thursday announced that the Board of Directors of the company has accorded its approval for acquisition of 888,613,336 (36.62%) of equity shares in Bharat Oman Refineries (BORL) from OQ S.A.O.C.

BPCL said the Board of Directors has also approved the proposal to approach Government of Madhya Pradesh for acquiring 269,00,000 warrants held by the Government in Bharat Oman Refineries.

BORL was incorporated on 25 February 1994 where BPCL holds 63.38% stake while OQ S.A.O.C holds 36.62% of the paid up share capital. The revenue from operations of BORL for the financial years in 2019-20 was Rs 41,940.96 crore, in 2018-19 it was Rs 31,597.59 crore and in 2017-18 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.

Shares of BPCL are currently trading higher by 0.21% at Rs 396.40 on the BSE.

In a separate announcement, BPCL said its board of directors has accorded its 'in principle' approval for merger of Bharat Gas Resources (a wholly owned subsidiary of BPCL) with BPCL. BGRL is engaged in the business of Natural Gas. During the financial year 2019-20, BGRL has recorded revenue from operations of Rs.273.35 crore.

BPCL operates in refinery and marketing activities, which includes downstream petroleum sector. The Government of India holds 52.98% stake in BPCL as of 30 September 2020.

Powered by Capital Market - Live News