Muscat: OQ, Oman’s global integrated energy company, is looking to rationalise its local and international portfolio to fuel growth in its core business and achieve set 2030 targets.

In light of this, OQ is currently in discussions with its partner Bharat Petroleum Corporation Limited (BPCL) on the potential divestment of its shares in Bharat Oman Refineries Limited (BORL).

While details on the divestment are scarce, it is known that OQ owns 36.62 per cent stake in the company that currently operates the 7.8 million tonne oil refinery at Bina in Madhya Pradesh.

BPCL owns 63.68 per cent of the company.

OQ issued a public statement that read: “For the purpose of rationalizing our local and international portfolio to fuel growth in our core business and achieve set 2030 targets, we are currently in discussions with our partner @BPCLimited on potential divestment of our shares in Bharat Oman Refineries Limited.”

OQ is a global integrated energy company with roots in Oman.

It emerged in late 2019 upon the successful integration of nine legacy companies, united to form a stronger, more efficient, and consolidated entity.

OQ operates in 16 countries and covers the entire value chain in the hydrocarbon sector from exploration and production, to marketing and distribution of end-user products.

Its fuels and chemicals are sold in over 60 countries worldwide. OQ also partners with local and international companies in the hydrocarbon sector to increase value for the shareholders and reap greater benefits for the communities.