Bharat Oman Refineries was established in 1994 through a bilateral agreement between the Government of India and the Sultanate of Oman. Until March 2020, ownership was split equally between BPCL and OQ (formerly OOC). As of April 1, 2020, BORL became a subsidiary of BPCL. Currently, BPCL holds 63.4% of the equity, OQ holds 36.6%, and the Government of Madhya Pradesh is also a stakeholder in the company.
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