Bharat Petroleum Corporation’s (BPCL) board has accorded its approval for acquisition of 88.86 crore (36.62 percent) of equity shares in Bharat Oman Refineries (BORL) from OQ S.A.O.C. (formerly known as Oman Oil Company) subject to finalisation of definitive agreement between parties. The board also approved a proposal to approach the Madhya Pradesh government for acquiring 2.69 crore warrants held by it in BORL. The Board of Directors of the company at the meeting held on December 17, 2020 has accorded its approval for the same.
BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.