| 15 Nov 2009 |
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Oman Oil to ink deal for 26pc stake in BORL refinery
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MUSCAT -- State-owned Oman Oil CompanyOman Oil Company
(OOCOOC) is scheduled to sign an agreement today for the acquisition of a significantly higher stake in the Bharat Oman Refineries Limited (BORL), which is developing a huge refinery complex in central India at a cost of around $2 billion. BORL, a company promoted by India's second largest oil refiner Bharat Petroleum Corporation Limited (BPCL) and Oman Oil CompanyOman Oil Company Limited (OOCL), is setting up the six million metric tonnes per annum (MMTPA) grass roots refinery at Bina in Madhya Pradesh.The project includes a crude supply system consisting of a Single Point Mooring (SPM) system, Crude Oil Storage Terminal at Vadinar on the Gujarat coast, and a 935-kilometre-long cross country crude pipeline from Vadinar to Bina. Maqbool bin Ali Sultan, Minister of Commerce and Industry, who is also Chairman of Oman Oil CompanyOman Oil Company
, will ink the agreement with Ashok Sinha, Chairman and Managing Director of BPCL and U N Joshi, Managing Director of BORL, at a ceremony due to be held at Golden Tulip Nizwa today.With the agreement, Oman Oil's stake in BORL will jump from the current two per cent to 26 per cent. Work on the giant Bina refinery is now around 96 per cent complete with production slated to commence in April.
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