Bharat Petroleum Corporation Ltd., a government run oil and gas company is looking for private equity investors to sell its stake in Bharat Oman Refinery which was set up in collaboration with Oman Oil Company. The plant in Bina in Madhya Pradesh is a joint venture between the BPCL and Oman Government’s company and has a capacity of producing six million tonnes per annum.
According to newspaper reports, in addition to private equity investors, the company is also looking towards its partner in the venture, Oman Oil Company to buy its 26% stake in the company for a sum of Rs. 1,200 crore. If this goes through, the company would be holding a total of 28% of the total equity from its current 2%.
The Bharat Oman Refinery was set up jointly by BPCL and OOC which invested Rs. 75 crore each. The rest of the funds for the venture came from Rs. 4,000 crore equity and Rs. 6,400 crore debt.
Meanwhile, the stocks of BPCL, which is listed on Bombay Stock Exchange rose by 20.2 points or 3.6% during the day to trade at 580.00. At the time of writing this report, the stocks were trading positive with a gain of 10.20 points or 1.82% at 570.00.
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