INCREASED INVESTMENT BY OMAN OIL COMPANY IN BORL
Oman Oil Company SAOC (OOC), Bharat Petroleum Corporation Ltd (BPCL) and Bharat Oman Refineries Ltd (BORL) signed an agreement on 15th November 2009 in Nizwa, the Sultanate of Oman, related to additional investment by OOC in BORL. The Agreement was signed by H.E. Maqbool Bin Ali Sultan, Minister of Commerce & Industry, Chairman of OOC, Mr. Ashok Sinha, Chairman & Managing Director of BPCL and Mr. U.N. Joshi, Managing Director of BORL. The investment will result in OOC having a final holding of 26% of the equity share capital of BORL, second major shareholder after BPCL.
The 6 Million Metric Tonne Refinery project of BORL is currently underway at Bina, Madhya Pradesh, India. The project includes crude oil import facilities and a cross country pipeline. The total estimated cost of the project is now expected to be Rs.11,397 crore (US $ 2.4 Billion). The project is progressing at a fast pace and 96% of the work has already been completed. The commissioning of the project should take place early next year and production is due to start in Q2 2010. The project envisages transporting crude oil from the western coast of India in Vadinar, Gujarat by a 935 km pipeline to Bina. The ultra modern Refining facility that is being put up at Bina would make available top quality petroleum products to the central parts of India as well as adjoining areas.
OMAN OIL COMPANY SAOC (OOC) is a company wholly owned by the Government of the Sultanate of Oman. OOC plays a key role in the Sultanate’s efforts to diversify the Omani economy and help generate Omani and foreign private sector investment. Local and international investments of OOC include more than 30 projects covering areas of exploration and production of petroleum, infrastructure projects, petrochemicals, transport, energy and other projects of refining and marketing of oil as well as mining.
Date of Updation
Physical Project Target (in %)
Actual Project Target (in %)
Commt. Vs Exp. (Rs. Crores)
10430 Vs 9068
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