OOC to increase BORL stake
Deal will see OOC stake increased from 2% to 26%
Oman Oil Company (OOC) is set to sign an agreement for the acquisition of a higher stake in Bahrat Oman Refineries Limited (BORL), Oman Daily Observer has reported.
The newspaper claims that the agreement will be signed today by the two firms. BORL is currently developing a refinery complex in India at a cost of US$ 2 billion.
The two firms will be working together on the six million metric tonnes per annum grass roots refinery at Bina in Madhya Pradesh.
The development includes a crude supply system consisting of a single point mooring system, a crude oil storage terminal and a 935km long cross country crude pipeline.
The agreement will reportedly increase OOC’s stake in BORL from the current 2% up to 26%. Production on the Bina refinery is set to be completed soon, with production slated for April 2010.