Clifford Chance advises OQ on its entry into an agreement to sell its entire stake in Bharat Oman Refineries

Clifford Chance has advised OQ (the national petroleum investment company of Oman) on its entry into an agreement to sell its entire 36.62 per cent stake in Bharat Oman Refineries Ltd (BORL) to its partner Bharat Petroleum Corporation Ltd (BPCL).

BORL owns and operates the Bina Refinery, located in the central Indian state of Madhya Pradesh, which has a capacity of 7.8 million tonnes per annum.

OQ’s divestment is part of a portfolio rationalisation exercise aiming to create better value from its local and international investments.

The Clifford Chance team was led by partner Deniz Tas, senior associate Nick Newman and associate Tammie Le. They were supported by partner Nish Shetty, counsel Daniel Boyle and senior associate Matthew Brown.