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Bharat Petroleum Corporation Ltd (BPCL) has finalized commercial terms for the purchase of 36.62% stake in Bharat Oman Refineries Ltd (BORL) from OQ S.A.0.C. (formerly known as Oman Oil Company S.A.0.C.) for ₹2,399.26 crore.
“BPCL is in the process of agreeing to definitive documentation with OQ. The transaction is subject to the execution of the relevant transaction documentation, and other conditions agreed upon among the parties and specified in the transaction documentation,” BPCL said in a regulatory filing.
Upon completion of the above purchase, BPCL will hold 100% of the equity share capital (on a non-diluted basis) in BORL which runs a 7.8 million tonne (mt) refinery at Bina in Madhya Pradesh, a crude oil import / supply system consisting of a single point mooring system, crude oil terminal at Vadinar in Gujarat and 937 km long cross-country crude oil pipeline from Yadinar to Bina.
BORL reported revenue from operations of ₹41,940.96 crore in FY20.
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