(LiveMint)
National oil companies of Oman, Kuwait and Abu Dhabi are in talks to buy up to 24% stake in Madhya Pradesh’s Bina refinery, two people aware of the development said.Bharat Oman Refineries Ltd (BORL), which operates the refinery, is an equal joint venture between Bharat Petroleum Corp. Ltd (BPCL) of India and Oman Oil Co. S.A.O.C. of the Sultanate of Oman. It has a capacity of 6 million metric tonnes per annum (mmtpa).
“Oman Oil Co., Kuwait National Petroleum Co. and Abu Dhabi National Oil Co. have evinced interest in buying stake in Bina refinery. Oman Oil, which is an existing partner, has expressed interest in making further investments in the refinery. BPCL may be able to raise around Rs2,000 crore from the stake sale,” said a banker, one of the two people cited above, on the condition of anonymity. BPCL, Oman Oil, Kuwait National Petroleum Co. and Abu Dhabi National Oil Co. did not respond to emails sent on Monday.
