New York Stock Exchange-listed US oil giant Exxon Mobil Corp is interested in picking up a stake in Bharat Oman Refineries Ltd (BORL) which runs a refinery at Bina, Madhya Pradesh as global oil producers jostle for space in India’s expanding refinery market.
Irving, Texas-based Exxon Mobil joins Kuwait Petroleum International, the downstream arm of Kuwait Petroleum Corporation (KPC), for the stake in BORL, a joint venture of Bharat Petroleum Corporation Ltd (BPCL) and Oman Oil Company.
BORL has just completed an expansion of the refinery to 7.8 million tonnes per annum (mtpa) from 6 mtpa. But Oman Oil did not invest in this expansion.
“We are now engaged in the blue print for doubling the capacity to 15.5 mtpa. That’s where we are talking of Kuwait Petroleum and others,” said R Ramachandran, Director (Refineries) at BPCL. Read more
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