Numaligarh Refinery stakes to be sold by BPCL
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By the end of March BPCL has planned to sell 61.65% stakes of Numaligarh refinery to Oil India Limited and the Government of Assam.
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The OIL and Engineers India Limited will acquire 49% and 13.65% will be acquired by the government of Assam.
The sale of Numaligarh Refinery Limited is the first step towards disinvestment of BPCL. This would be the India’s biggest privatization where central government will sell its entire 52.98% stake in BPCL. The government expects to complete the privatization by April 2021 with a disinvestment target of 1.75 lakh crore set for 2021-22.
BPCL will give the buyer ownership of approximately 15.33% of India's oil refining capacity and 22% of the fuel marketing share.
Numaligarh Refinery is thinking to grow its refining capacity from 3 million tonnes per annum to 9 million tonnes a year at an investment of Rs 22,594 crore. The project is anticipated to be completed by 2024.
BPCL has planned to buy out Oman Oil Company's shares in Bina refinery project. It holds 63.68% stake in Bharat Oman Refineries Ltd (BORL) that built and operates a 7.8 million tonne oil refinery at Bina in Madhya Pradesh.
Numaligarh Oil Refinery
Nestling in the sylvan environs of the Brahmaputra valley where the beautiful rendezvous of water and land throws up myriad colors, Numaligarh Refinery Limited (NRL), which was set up at Numaligarh in the district of Golaghat (Assam) in accordance with the provisions made in the historic Assam Accord signed on 15th August 1985, has been conceived as a vehicle for speedy industrial and economic development of the region.
The 3 MMTPA Numaligarh Refinery Limited was dedicated to the nation by the erstwhile Hon'ble Prime Minister Shri A. B. Vajpayee on 9th July, 1999. NRL has been able to display creditable performance since commencement of commercial production in October, 2000. With its concern, commitment and contribution to socio-economic development of the state combined with a track record of continuous growth, NRL has been conferred the status of Mini Ratna PSU.
Currently, Numaligarh Refinery Limited is a joint venture of Assam Government (12.35%) owned Numaligarh Refinery Limited with Bharat Petroleum Corporation Limited (61.65%), Oil India Limited (26%).
