This is following the ongoing dialogue between the Centre, BPCL and IBP Company Ltd regarding the acquisition of IBP`s shareholdings in Numaligarh Refinery Ltd.

BPCL is the major promoter of the refinery project with an equity holding of 32 per cent valued at Rs 2,906 crore. IBP Company Ltd and the Assam government have a 19 per cent stake in the project. The Oil Industry Development Board (OIDB) had earlier picked up a 10 per cent stake in the refinery project (via a private placement), out of 39 per cent equity earlier earmarked for public issue. The 3 metric tonne (MT) refinery was commissioned last year and complements BPCL's marketing requirement. The refinery will process 2,025 MT (67 per cent utilisation) during the first one year and then go up to 100 per cent utilisation. The crude requirement of the refinery will be met by Oil India Ltd (OIL) through a pipeline from the oil fields of OIL and Oil and Natural Gas Corporation (ONGC) in Assam. The refinery has incorporated state-of-the-art technologies in one of the most modern, energy efficient and environment friendly refineries in the country. The refinery and the marketing terminal would be operated byfully automated systems and supported by business systems driven by ERP. The refinery has a marketing terminal as a linked project adjacent to it for handling and dispatch of products produced in the refinery.