Bharat Petroleum Corp. Ltd. acquired the spouse of the joint venture OQ SAOC (formerly Oman Oil Co. Ltd. SAOC) to take one hundred percent of the percentage capital of Bharat Oman Refineries Ltd. (BORL), which includes the 7. 8 million tonne/year refinery in Bina, Madya Pradesh, India.
As a component of the agreement ended March 31, BPCL, which had 63. 38% of the joint venture’s shares in the past, bought OQ’s 36. 62% shares for 23. 99 billion rupees, BPCL said in the April 1 filings with BSE Ltd. and National Stock. Exchange of India Ltd. (NSEI).
The acquisition of OQ’s stake in BORL is a component of BPCL’s ongoing consolidation of its group companies, which will also come with the proposed merger of BPCL’s wholly owned subsidiary, Bharat Gas Resources Ltd. NSEI in December 2020.
In a series of posts on its official social media accounts, OQ stated that the disinversion of its shares in BORL in line with the trader’s rationalization program, which aims to help OQ maximize the price of its local and foreign investments.
BPCL, which now holds one hundred percent of BORL’s undiluted percentage capital, informed BSE and NSEI on December 15, 2020 that it also contemplates the government’s acquisition of madhya Pradesh’s 26. 9 million notable warranties of convertible percentages at BORL.
In fiscal 2019-2020, BORL expanded its basket of raw fabrics processed on site to 23 and implemented a series of projects for the refinery’s operational performance, according to the company’s most recent annual report.
In addition to carrying a record 8. 3 million tons of crude oil basically from Saudi Arabia, Iraq and Kuwait as a component of its plan to optimize processing rates above 8 million tons consistent with the year, the Bina refinery also added a variety of new crudes to its processing. slate, adding volumes of Azerbaijan LightArray Kissanje from Angola, West Texas Intermediate (WTl) Light from the United States, Arab Extra Light from Saudi Arabia, as well as crude lula and Sapinhoa, either from Brazil.
While the refinery has carried out several functionality and reliability projects for operational power and profitability, BORL has completed several major projects in 2019-20:
As a component of a draft review, BORL said it had also commissioned new sets for condensate and opposite mosses in Bina in 2019-20.
NRL disinversion
In addition to its acquisition of BORL, BPCL ended the sale of its 3 million tpa stake in Numaligarh Refinery Ltd.
From an agreement signed on 25 March, BPCL sold most of its 61. 65% stake in NRL to a consortium of government corporations Oil India Ltd. (OIL) and Engineers India Ltd. for a general attention of 98. 76 billion rupees, BPCL reported in the March 26 presentations with BSE and NSEI.
The operator said he would transfer the rest of his shares in the NRL to the Government of Assam by receiving about five billion rupees, according to the documents presented.
OIL and the Government of Assam in the past had a 26% and 12. 35% stake in NRL respectively (OGJ Online, 9 February 2021).
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