MUSCAT: Oman’s OQ, the country’s global integrated energy group is considering selling its stake in Bharat Oman Refineries (BORL) to India’s Bharat Petroleum Corp Ltd (BPCL), the company said on Tuesday.
BORL, a joint venture between BPCL and OQ, owns and operates Bina Refinery, located at Bina in the Sagar district of the state of Madhya Pradesh.
In a statement issued, OQ said: “For the purpose of rationalizing our local and international portfolio to fuel growth in our core business and achieve set 2030 targets, we are currently in discussions with our partner @BPCLimited on potential divestment of our shares in Bharat Oman Refineries Limited.”
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Earlier, BPCL said that its board would consider the proposal to acquire 36.62 per cent stake in BORL from OQ. Currently, BPCL holds 63.38 per cent equity shares in BORL and OQ owns 36.62 per cent stake in the company
