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OIL-led consortium places bid for BPCL's stake in Numaligarh Refinery
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SME Times News Bureau | 25 Feb, 2021
Oil India Ltd (OIL), in consortium with Engineers India Ltd (EIL), have
placed their bid for acquiring 61.65 per cent stake of Bharat Petroleum
Corporation Ltd (BPCL) in Numaligarh Refinery Ltd (NRL), persons privy
to the development said.
The NRL has been carved out from the BPCL and is not part of assets that is being sold as part of its privatisation plan.
With the submission of the bid, the transaction for Numaligarh refinery may now be targeted for closure before the end of March.
An
OIL statement had earlier said that its bid for the NRL will be
submitted through a formal process. The exact percentage of the stake of
the OIL and the EIL will depend on the extent of Right of First Offer
(ROFO) to be exercised by the Assam government which already holds 12.35
per cent stake in the NRL.
Sources indicated that the state
government may pick up additional equity in the refinery so that its
holding increases to 26 per cent which gives it effective control over
the operation of the refinery. The balance 48 per cent of the BPCL's
equity may be divided between the OIL and the EIL with the latter
picking up 10 per cent stake.
In the current structure of
Numaligarh Refinery, while the BPCL holds 61.65 per cent stake, the OIL
holds 26 per cent and the Assam government 12.35 per cent.
The
NRL is the largest customer of the OIL's crude produced from its
northeastern fields. The acquisition is expected to improve the synergy
in the OIL's portfolio and it develop an integrated oil operation
involving exploration, refining, and marketing.
A Navratna PSU,
the OIL is a fully-integrated E&P company in the upstream sector and
is the second largest national oil and gas company in India as measured
by total proved plus probable oil and natural gas reserves and
production. Engaged in the business of exploration, development and
production of crude oil and natural gas, transportation of crude oil and
production of LPG, the OIL also provides various E&P related
services.
Besides being a pan-India E&P company, the OIL also
has overseas presence including in Russia, Mozambique, the US,
Venezuela, Gabon, Bangladesh, Nigeria, Libya etc. Besides 26 per cent
stake in the NRL, it also has stake in the Brahmaputra Cracker and
Polymer Ltd (BCPL) in the downstream business.
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