Oman Oil refuses to raise stake in Bina refinery JV

Bharat Petroleum Corp. Ltd. said that Oman Oil Co. S.A.O.C., its partner in joint venture Bharat Oman Refineries Ltd. (BORL), has refused to raise its stake in the company for its on-going Rs100 billion (US$2.04 billion) refinery project in Bina, Madhya Pradesh in India. Both companies have invested Rs750 million (US$15.32 million) each in the company. However, Oman Oil, while still a partner in the venture, has decided against investing further in the project citing delays in obtaining clearances. “We are holding discussions with various companies and will finalize the partnership by March. But we will hold our stake at around 50% and are confident to start commercial production by December,” BORL Managing Director U.N. Joshi said. (January 29, 2009)