Bharat Oman Refineries IPO by March

by Sify

Bharat Oman Refineries Ltd will come up with an initial public offer by March 2008 to raise Rs 2,000 crore, Bharat Petroleum Corporation’s Chairman and Managing Director, Ashok Sinha, said today.

The money would be used to fund the upcoming refinery in Bina, Madhya Pradesh. Bharat Oman Refineries Ltd, a joint venture between BPCL and Oman Oil Ltd - is setting up the 6-million-tonne refinery at Bina.

BPCL shares ended 0.30 per cent lower at Rs 343.70 on the BSE.

“Bharat Oman Refineries could be offloading a total of 48 per cent, partly through the IPO,” Sinha told reporters on the sidelines of an energy conference.

The Bina refinery is expected to be completed by December 2009. Sinha also said BPCL is looking to acquire development fields in West Africa.