Oman firm likely to exit Bina refinery as BPCL gears up for divestment

Bharat Oman Refineries (BORL) may get merged with BPCL post-Oman's exit

With state-run Bharat Petroleum Corporation (BPCL) gearing up for divestment, its joint venture in Madhya Pradesh, Bharat Oman Refineries (BORL), may see the exit of overseas partner OQ, the national petroleum investment company of Oman, which may give up its stake to BPCL.

BPCL holds 63.38 per cent in BORL. OQ was previously known as the Oman Oil Company (OOC). BORL became a subsidiary of BPCL on March 22 this year. Before that, it was an equal joint venture between BPCL and Oman Oil. According to three sources close to the development, if Oman Oil is willing and the deal