DIPAM gives nod to the BPCL, Bina Refinery merger plan
By MYBRANDBOOK
Bina Refinery has got the clearance from the Department of Investment and Public Asset Management (DIPAM) for the merger with Bharat Petroleum Corporation (BPCL).
With significant co-operation from the Government of Madhya Pradesh, Bharat Oman Refineries (BORL) set up a six million tons per annum (6.0 MMTPA) grassroots petroleum refinery at Bina, M. P. in the serene surroundings of Bundelkhand. The refinery produced environmentally compliant fuels of BS-IV grade.
The Company has achieved significant milestones and has recently implemented the debottlenecking project to enhance capacity from 6.0 to 7.8 MMTPA with capability to produce 100% BS-VI specifications fuel.
BPCL acquired Madhya Pradesh government’s stake in BORL or Bina Refinery in the form of convertible share warrants for Rs 72.63 crore. The company also acquired Oman’s state-owned petroleum investment company OQ’s entire stake in the Bina Refinery project this year.
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