OQ, the country’s global integrated energy group, is considering its stake in Bharat Oman Refineries Limited, at Bina in the state of Madhya Pradesh, India.
‘For the purpose of rationalising 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 Bharat Petroleum Corporation Ltd (BPCL) on potential divestment of our shares in Bharat Oman Refineries Limited (BORL),’ OQ stated on Tuesday.
Meanwhile, BPCL said that its board will on Thursday consider buying out Oman Oil Company in the Bina refinery project. The BPCL board will also consider merging Bharat Gas Resources Ltd (BGRL) with itself, the company said in a filing to the Indian stock exchange on Tuesday.
BPCL holds 63.68 per cent stake in BORL, which operates a 7.8mn tonne oil refinery at Bina. The company board will on December 17 ‘consider a proposal for according in-principle approval for acquisition of 36.62 per cent of equity shares in BORL from OQ (formerly known as Oman Oil Company),’ it said.
OQ was formed in late 2019 upon the successful integration of nine legacy companies, united to form a stronger, more efficient and consolidated entity. OQ operates in 16 countries.