No 22



OOC Reduces Stake In Planned Indian Refinery Project To 2%

Oman Oil Company (OOC) announced on 13 May that it had reduced its stake in a planned $1.3bn oil refinery project at Bina in India from 26% to 2%. OOC and Bharat Petroleum Corporation Ltd (BPL) had each been expected to own 26% of equity, with the remaining 48% of shares eventually being offered to the Indian public. BPL will acquire the 24% being relinquished by OOC. The original agreement to build 120,000...