Union Cabinet approved Investment enhancement by BPCL in Bharat Oman Refineries Limited
Posted on: 28 Apr 2016 17:42:10
28 April 2016 Current Affairs: The Union Cabinet on 27 April 2016 approved to enhance investment by Bharat Petroleum Corporation Limited (BPCL) in Bharat Oman Refineries Limited (BORL).Now, the investment amount can be enhanced upto a maximum of 3000 crore rupees by way of subscription of convertible warrants giving right to convert it into equity shares to be issued by BORL.
The infusion of funds by the BPCLs will enable BORL to overcome the implications on account of the erosion of the net worth. Besides, it will enhance the availability of petroleum products in the Northern and Central parts of the country, will help in industrial development of Madhya Pradesh and substantial increase in employment and tax earnings in the State. Bharat Petroleum Corporation Limited (BPCL) is a public sector undertaking under the Union Ministry of Petroleum and Natural Gas.
Bharat Petroleum Corporation Limited (BPCL) : BPCL holds a joint venture company with Oman Oil Company Limited (OOCL) named Bharat Oman Refineries Limited (BORL). The BORL commissioned the 6 MMTPA (120 Thousand Barrels Per Day) Refinery at Bina in Madhya Pradesh in June 2011 at a project cost of about 12754 crore rupees.Currently, the refinery is operating at 100 percent of its installed capacity. The company now proposes to undertake a debottlenecking project at the refinery to further increase the refining capacity from 6 MMTPA to 7.8 MMTPA.Hence, there is a need for immediate infusion of funds in BORL by the shareholders. Therefore, BPCL Board has decided to infuse funds to the tune of 3000 Crore rupees.
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