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Bharat Oman Refineries downgraded
- Oman: Thursday, February 14 - 2013 at 03:30
Crisil has cut its ratings for Bharat Oman Refineries Limited's (BORL) bank facilities to 'A+' from 'AA-' citing BORL's insufficient net cash accruals over the medium term, Muscat Daily has reported. The Indian credit rating agency said the cash flow of the joint venture between Oman's Oman Oil Co and Bharat Petroleum Corp (BPCL) will be inadequate to meet the company's maturing debt obligations in 2012-13 and 2013-14 despite recent stabilisation of refinery operations, as reflected in capacity utilisation of over 100% from October to December 2012. BORL has a 6m tonne-per-annum refinery complex, with crude receipt facilities comprising a singlepoint mooring system, in Vadinar, Gujarat, a 935km cross country crude oil pipeline from Vadinar to Bina and a captive co-generation power plant in Bina.
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