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Bharat Petroleum shelves Bina Refinery IPO plan
State-run Bharat Petroleum (BPCL), which owns Bina Refinery in an equal JV with Oman Oil Company, has shelved its IPO plans for the company as it generates enough cash to complete the ongoing expansion and as also because Kuwaiti Petroleum is keen to pick up a stake, says a senior official. The IPO was planned because our partner Oman Petroleum was not ready to infuse liquidity as the company for some years were losing money, he added.
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