New Delhi: Ashok Sinha, Bharat Petroleum Corporation’s Chairman and Managing Director said that its arm, Bharat Oman Refineries Ltd (BORL) is ready to come out with an initial public offer (IPO) by March next year (2008).

He also said BORL, a joint venture between BPCL and Oman Oil, would lift around Rs 2,000 crore through IPO.

BORL would use up the IPO income to fund its forthcoming refinery in Bina, Madhya Pradesh. The company is establishing a 6 million tons refinery at Bina in Madhya Pradesh.

BPCL shares ended 0.30 per cent lower at Rs 343.70 on the BSE.

On the sidelines of an energy meeting, Mr. Sinha said, “Bharat Oman Refineries could be offloading a total of 48 per cent, partly through the IPO.”

The company’s new refinery is projected to be finished within next two years (December 2009).

Mr. Sinha also informed that BPCL is also looking to purchase development fields in West Africa.