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PSU refiner BPCL has extended the deadline to submit an expression of interest (EOI) for the third consecutive time till 30th September. Sources speculate that the Saudi Aramco, Abu Dhabi National Oil Co, Rosneft of Russia, Exxon Mobil, and RIL are likely to participate in the bidding process. Due to the ongoing global crisis, India is an attractive investment destination for multinationals.
Bharat Petroleum Corp Ltd (BPCL) announced a new customer-friendly initiative with the launch of cooking gas booking through WhatsApp across the country. WhatsApp booking can be done on BPCL Smartline number — 1800224344 — from the customer’s mobile number registered with the company. BPCL already allows customers to book LPG through other channels like IVRS, missed call, apps, and website among other digital channels apart from its 6,111-strong large distributors.
Indian downstream major, Bharat Petroleum Corp Ltd has devised a novel technology to test the crude oil quality at a minimal cost and time. The current method requires lengthy lab tests. The newly developed technology is called BPMarrk, engineered to optimize varied properties from the crude. A 'crude horoscope predictor tool', BPMarrk has a number of patents including those from the US and the EU.
The Government of India, today, finally invited preliminary bids for the sales of its entire 52.98% stakes in India's second-biggest oil refiner, BPCL. The bidders will have to submit an Expression of interest (EOI) by May 2, according to the bid document by the DIPAM. BPCL's stake in Numaligarh Refinery Limited, however, has been excluded from the sale and will be sold only to a state-owned oil and gas firm.
State-run refiner, Bharat Petroleum Corp Ltd (BPCL) reported a nearly three-fold jump in its net profit to Rs 2,051.43 crore, for the fourth quarter. BPCL's net profit in 3Q2018 was Rs 698.62 crore, the company reported in a regulatory filing. However, revenue from operation slipped over lower oil prices to Rs 85,926.70 crore.
According to the sources, Rosneft has shown interest to bid for the acquisition of Bharat Petroleum Corp Ltd (BPCL). Under India's biggest privatisation plan, the country is selling all of its 53% stakes in the firm. In a meeting between Rosneft's CEO Sechin and Pradhan, the former was keen to expand in the world's third largest energy market.
State-owned OIL India alongwith Assam government is planning to acquire BPCL's 61% stakes in Numaligarh Refinery. This will retain the public sector character of the Assam-based entity. "OIL best fits the bill to take over NRL because of the synergy arising from their operations largely being located in the Northeast and its existing investment in NRL", said an official source.
After the announcement by the Indian government to privatise BPCL, many firms have started showing their interest in buying its stakes. Recently, Vedanta Resources Ltd has informed about that the company is evaluating an investment in the downstream giant. “One by one privatising these companies will take 10 years. It is better to (do it in) one-shot. The government has no business to be in business”, said Vedanta's Chairman.
The sale of government 's stakes in Bharat Petroleum has got SBI Capital and Deloitte in a race for advisors. According to the sources, both the firms will give 15 minutes presentation on Thursday post which financial bids will be opened. “The advisor will undertake tasks relating to all aspects of the proposed strategic disinvestment culminating into successful completion of the transaction during the current financial i.e. 2019-20", said DIPAM.
From November 28, all the workers of Bharat Petroleum will go on strike. However, the authorities have assured that it will not affect the production or availability of fuel. “If the government refuses to withdraw its decision on privatisation, we would be forced to undertake longer strikes, which can spread to several days”, informed General Secretary of Cochin Refineries Employees Association.
A group of farmers in Tamil Nadu has petitioned the state government against BPCL for conducting land surveys through drones without prior knowledge. A private consultancy utilized drone cameras to conduct survey in farmland for BPCL’s Irugur-Devangonthi Petroleum and Petroleum Product Pipeline (IDPL) on October 14. A senior official from BPCL acknowledged that the consultancy had deployed the drone cameras without the company’s knowledge.
If sources were to be believed, oil supermajor Saudi Aramco is interested in acquiring stakes in Indian downstream major, BPCL. In the biggest privatization bid in the Indian history, the Government of India is aiming to farm out its stakes in BPCL to private investors. Sources revealed that the Saudi state-run behemoth is in the process of evaluating its Indian investments and viewing BPCL buy out as a good opportunity.
Total and Reliance Industries might not bid for acquiring India's BPCL. Further, BP wants to explore the offerings before making a decision to decide for bidding. The Indian government has decided to sell 53.29% stakes of oil refining and marketing company BPCL. The firm accounts for 15% of the total installed refining capacity of the nation. Saudi Aramco might alone bid for the stakes or may have another partner, ADNOC.
In a major shakeup to the fuel retailing sector, the Government of India has repealed the legislation that had nationalized the downstream major, BPCL. The move will do away with the requirement to look for a Parliamentary nod before selling it off to private and foreign firms. The state is mulling to farm out most of its 53.3% stake in BPCL to a strategic partner, to encourage competition.
India’s state-run refiner, BPCL registered a 41.48% plunge in profits for the first quarter. BPCL collected Rs 1,799.59 crore in profits, slipping from Rs 3,075.06 crore in the corresponding quarter last year. The oil guzzler’s income dipped 4.01% from Rs 83,605.07 crore to Rs 86,956.29 crore. Ebitda was Rs 2,981.9 crore against Rs 4,598 crore last year.
Keeping in line with their biggest-ever expansion of fuel retail network, state-owned oil majors have released letters of intent (LOI) for over 9,000 new petrol pumps. The companies are now moving swiftly to choose dealers for new pumps. An LOI contains the company’s intent to employ an applicant as a dealer at a specific location, subject to conditions.
Bharat Petroleum Corporation Limited (BPCL) has initiated a project which will be an exemplar for the entire state. The firm's new facility will produce 100 kilolitres (KL) second generation bio-ethanol per day near Bhandara. The bio-ethanol will be produced using paddy straw. Guardian Minister Fuke informed that they will soon hand over 74 hectares of land to BPCL. Further, the company will invest Rs1,300-1,500 crore in the project.
India's Bharat Petroleum Corporation (BPCL) planned to invest $2.2-2.4 billion in the Rovuma Offshore Area-1 gas field in Mozambique. This investment plan has got approval after being scrutinised by the group of ministers. But it is still waiting to get a nod from Cabinet Committee on Economic Affairs (CCEA). Apart from BPCL, ONGC Videsh and Oil India also have stakes in this field.