BORL was incorporated in 1994 with equal equity participation of BPCL and Oman Oil Company. The company became a subsidiary of BPCL in April this year. BORL houses the Bina refinery, located in Madhya Pradesh.
At present, BPCL holds 63.38 per cent stake in BORL. The refiner looks to acquire another 36.62 per cent from OQ S.A.0.C., a national petroleum investment company of Oman(formerly known as Oman Oil Company S.A.O.C). In addition, BPCL said, its board will also consider a proposal to approach Madhya Pradesh government for acquiring the 269,00,000 warrants its holds in BORL.
In March, BPCL had increased its stake in BORL by conversion of Rs 650 crore worth of warrants into shares, raising its stake to 63.38 per cent from 50 per cent. In addition, BPCL had given a loan of Rs 1,254.10 crore to BORL and subscribed to its share warrants.
BORL’s crude oil intake during FY20 was 7913 thousand metric tonnes (TMT) with average capacity utilization of 95 per cent at the Bina refinery.
BORL reported revenue from operations of Rs 41,940.96 crore in FY20, as compared to Rs. 31,597 crore recorded in the previous financial year. For FY20, BORL reported a net loss of Rs 803.50 crore due to circumstances arising due to outbreak of Covid-19, against a profit of Rs 106.71 crore in the previous year.