Al-Mahrouqi: selling BORL’s shares is not part of OQ’s privatisation plan

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هذه الصفحة متوفرة بهذه اللغة: العربية

16 September 2020

MUSCAT (WAF)- The spread of COVID19 has forced OQ Group to put its privatisation plans for 2020 on hold, Musab al-Mahrouqi, CEO of OQ, told WAF News.

Commenting on recent reports by Indian media regarding the sale of OQ’s minority shares in Bharat Oman Refineries Ltd. (BORL) to Bharat Petroleum Corporation Limited (BPCL), al-Mahrouqi said that the assets covered in the privatisation plan do not include these shares.

He added that any decision to sell any of the group’s assets “will go through to the appropriate channels, including the approval of the shareholders and partners.”

Indian media reported that BPCL might buy OQ’s stake in BORL, which owns the Bina refinery, where BPCL seeks to sell the subsidiary (BORL) after owning 100% of its shares to a strategic partner. This step is conditional to the success of the negotiations to acquire the OQ’s stake.

According to BORL website, Oman’s OQ owns 36.6% of the company’s shares, while BPCL owns the remaining 63.4% shares, as of last April after the Indian side injected additional investments.