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Our Bureau

Mumbai , Oct. 26

KOCHI Refineries Ltd on Tuesday said its board of directors has approved merging itself with parent Bharat Petroleum Corporation Ltd.

KRL has informed the Bombay Stock Exchange that its board of directors has given its in-principle approval to the merger. BPCL holds a 54.81 per cent stake in KRL, which operates a stand-alone refinery that processes 7.5 million tonne per annum (mmtpa) compared with BPCL's own refining capacities of 12 mmtpa in Mumbai.

Kochi Refineries earned refining margins of $5.60 for each barrel of oil it turned into fuels in the second quarter ended September 30, 2004, up from $2.50 a barrel a year. Bharat Petroleum Corporation, which holds 54.81 per cent stake in KRL will gain an advantage of high refining profit margins, after the companies are merged.

More Stories on : Mergers & Acquisitions | Petroleum

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