Indian state oil firm Bharat Petroleum has agreed to buy Oman state firm OQ’s stake in India’s 7.8mn t/y capacity (156,000 b/d) Bina refinery. Bharat will acquire OQ’s 36.62% stake in the refinery for $326mn, valuing the refinery at $890mn, to lift its holdings in the asset to 100%.

Reports first emerged in September that OQ was looking to exit Bina after rating agency Fitch issued its first credit rating for OQ. Fitch gave OQ a BB- rating, three notches below investment grade, because Muscat government finances are stretched and OQ was judged to have too much downstream exposure (MEES, 18 December 2020). (CONTINUED - 103 WORDS)