BPCL had made an investment in compulsorily convertible debentures and share warrants of BORL or Bina refinery in Madhya Pradesh. This was equivalent to 24% additional equity stake in BORL.
We will acquire Oman Oil's stake if they are willing to offer. So far there has been on such communication from Oman Oil," said N Vijayagopal, director finance, BPCL.
BPCL had this June increased its stake in the refinery from 50% to 63%, after converting warrants into shares. BORL thus became a subsidiary of BPCL.
BORL is a key refinery for BPCL, helping the company serve the northern and central markets in the country. The refinery receives crude supply by a cross-country pipeline from Vadinar to Bina.
Bina refinery has raised its refining capacity in two phases— to 7.8 million tones million tonners per annum (mtpa) from the initial 6 mtpa at a cost of ₹3,072 crore and then to 15 mtpa for an additional investment of ₹30,000 crore in the next four-five years. The refinery will also set up a petrochemicals unit with a 1.5 mtpa naphtha cracker.
