BPCL to finalise Bina refinery stake deal in 10 days

Bharat Petroleum Corporation Ltd (BPCL) will finalise the transaction to buy the 36.62 per cent equity shares it does not own in Bharat Oman Refineries Ltd (BORL) from OQ SAOC. (formerly known as Oman Oil Company SAOC) in the next 10 days, a top company official said on Tuesday.

BORL built and operates a 7.8 million tonne oil refinery at Bina in Madhya Pradesh

“We have concluded the discussions with OQ SAOC, and the deal will be finalised in the next 10 days,” said N Vijayagopal, Director, Finance, BPCL, at a media conference.

NRL deal

BPCL also expects to close the transaction to sell its 61.65 per cent stake in Numaligarh Refinery Ltd (NRL) to a consortium of Oil India Ltd-Engineers India Ltd as well as the Assam government by March 31, he said.

The sale purchase agreement (SPA) for the transaction was cleared by the Board of BPCL on Monday.

BPCL will sell 48 per cent of its stake in NRL to the Oil India-Engineers India consortium and the balance to the Assam government at the same price.

On Monday, BPCL reported a 120 per cent rise in its net profit for the quarter ended December to ₹2,777.62 crore. The company’s third-quarter revenue rose 1.4 per cent to ₹86,579.95 crore.

The third-quarter profit was boosted by an inventory gain of ₹771 crore and a foreign exchange gain of ₹76 crore.