BPCL GROUP

Numaligarh Refinery Limited (NRL)

A great performing joint venture of Bharat Petroleum, NRL was incorporated with an authorized share capital of Rupees 1,000 crores in 1993.

NRL was incorporated in the year 1993 with an authorised share capital of ` 1,000 crores. The paid up share capital of NRL as on 31st March, 2016 was ` 735.63 crores of which BPCL holds 61.65%. NRL is a Category-I Miniratna PSU and operates a 3 MMTPA Refinery at Numaligarh in Assam. Besides the Refinery, NRL has two marketing terminals, one at Numaligarh and the other at Siliguri for evacuation of products. NRL also has a 10 TMTPA LPG Bottling Plant at Numaligarh.

NRL’s crude throughput during 2015-16 was 2.52 MMT against 2.78 MMT in the last year. Capacity utilization was restricted to 84.0% compared to 92.5% in the previous year. In 2015-16, NRL’s distillate yield at 90.4% was the highest among PSU oil refineries in the country. This has been the fifth consecutive year of such an achievement recorded by NRL. During 2015-16, Specific Energy Consumption was at 50.4 MBN, among the best in the industry. Energy Intensity Index (EII) during the year was recorded at 96.6, marking an improvement over previous year’s EII of 97.2.

During the year, NRL added two new products to its portfolio, viz., paraffin wax and nitrogen and exported HSD to Bangladesh and paraffin wax to Nepal.

The Financial Year ended 31st March, 2016 saw NRL’s Revenue from Operations reaching ` 10,031.44 crores in comparison to ` 9,862.42 crores in the previous year, marking an increase of 1.7%. NRL’s profit before tax for the year 2015-16 increased by 66% to reach ` 1,882.38 crores, as compared to ` 1,133.94 crores in the previous year. The Company’s profit after tax for the year was ` 1,224.35 crores against ` 719.74 crores in 2014-15. The increase in profits is mainly attributable to high distillate yield, lower energy consumption and enhanced operational efficiency. Earnings per share increased to ` 16.64 from ` 9.76 in the previous year.

The Company paid an interim dividend @ ` 3.50 per fully paid equity share of ` 10/- each. The Board also recommended a final dividend of ` 3.50 per share for the Financial Year 2015-16. NRL paid dividend of ` 4.00 per share in the previous year.

As on 31st March 2016, NRL shareholders’ funds was recorded at ` 3,963.87 crores as against ` 3,354.98 crores in the previous year and its book value per share increased to ` 53.88 from ` 45.67 in the previous year.

Bharat PetroResources Limited (BPRL)

BPRL was incorporated in the year 2006 as a wholly owned Subsidiary Company of BPCL with the objective of implementing BPCL’s plans in the upstream exploration and production sector.

As on 31st March, 2016, BPRL has an authorized share capital of ` 3,000 crore and paid up share capital of 2,920 crore which is entirely held by BPCL, the Holding Company. BPRL has incurred a consolidated loss of 248.31 crore for the Financial Year ending 31st March, 2016. The consolidated loss was due to relinquishment of participating interest (PI) in few blocks, as prospectively assessed based on drilling results in these blocks was very poor.

The operations of BPRL are carried out through Subsidiaries and Joint Ventures, both incorporated and unincorporated, in India and abroad. BPRL currently has PI in seventeen blocks spread across six countries. Out of these blocks, seven blocks are located in India, which were acquired under different rounds of New Exploration Licensing Policy (NELP) and ten blocks are located overseas. Most of the blocks are in advanced stages of exploration, appraisal and pre-development. The total area of these seventeen blocks is around 24,375 sq km, of which approximately 88% is offshore acreage.

BPRL has a wholly owned Subsidiary Company, BPRL International BV, in the Netherlands which, in turn, has three wholly owned Subsidiary Companies viz., BPRL Ventures BV, BPRL Ventures Mozambique BV, and BPRL Ventures Indonesia BV. BPRL Ventures BV has a 50% stake in IBV Brasil Petroleo Limitada, which currently holds PI ranging from 20% to 40% in six blocks in offshore Brazil. BPRL Ventures Mozambique BV has PI of 10% in a block in Mozambique, and BPRL Ventures Indonesia BV holds PI of 12.5% in a block in Indonesia. Further, BPRL has a wholly owned Subsidiary Company, Bharat PetroResources JPDA Limited in India which holds a PI of 20% in Block-JPDA 06-103, in Timor Leste. The PIs in blocks in Brazil, Mozambique, Indonesia and Timor Leste are held through these Subsidiaries. Further, the PI in respect of blocks in India and Australia are held by BPRL along with other consortium members.

BPRL and its consortia have a total of 22 discoveries in respect of blocks held in five countries i.e. Brazil, Mozambique, Indonesia, Australia and India.

Recently, as concrete steps towards fulfillment of its aspiration for revenue generation, BPRL has signed definitive agreements to acquire stakes in Companies in Russia which have oil & gas producing assets in their portfolio. Subsequently, in May, 2016, BPRL has formed another wholly owned Subsidiary Company i.e. BPRL International Singapore Pte Ltd in Singapore for enabling the acquisition of stakes in the Companies in Russia. Further, BPRL International Singapore Pte Ltd has formed two Joint Venture Companies as Special Purpose Vehicles (SPV) i.e. Taas India Pte Ltd and Vankor India Pte Ltd in May, 2016 along with Oil India Ltd and Indian Oil Corporation Ltd with BPRL International Singapore Pte Ltd holding 33% stake in each of the two SPVs to hold stakes in the Companies in Russia.

Petronet CCK Limited (PCCKL)

BPCL had invested in the acquisition of 49% stake in the equity capital of PCCKL, a Joint Venture Company promoted with Petronet India Ltd., with an authorised capital of Rupees 135 crores and paid up share capital of Rupees 100 crores, at a sum of Rupees 49 crores.

The company owns and operates the 292 km long multi-product Kochi-Karur pipeline from BPCL’s installation of Irimpanam to Karur for transportation of MS, HSD and SKO. The pipeline commenced commercial operations from September, 2002.

Pumping volume during the year 2014-15 amounted to 2.46 MMT, as against 2.44 MMT in the previous year. PCCKL registered a turnover of Rupees 98.27 crores and net profit of Rupees 42.96 crores for the financial year ending 31st March, 2015 as compared to a turnover of Rupees 92.91 crores and net profit of Rupees 44.54 crores in the previous year.

BPCL has acquired additional 19,973,332 equity shares of 10 each of PCCKL (constituting 19.97% of the paid up equity share capital of PCCKL) from a financial investor of PCCKL on 29.5.2015. With this acquisition, PCCKL has become a subsidiary of BPCL, with BPCL holding 68.97% of the paid up share capital of PCCKL w.e.f 29.5.2015.

Bharat Oman Refineries Limited (BORL)

Bharat Oman Refineries Limited is a Joint Venture Company of BPCL with Oman Oil Company S.A.O.C. (OOC). BPCL and OOC have an equity stake of 50% each in BORL’s paid up share capital of ` 1,777.23 crores as on 31st March, 2016. BPCL has also subscribed to Share Warrants of BORL of ` 1,585.68 crores. Further, the State of Madhya Pradesh has also subscribed to ` 26.90 crores of Share Warrants in BORL.

During the year 2015-16, Bina Refinery processed 6.40 MMT of crude oil, achieving a capacity utilization of 107%, as compared to 103% in the previous year. This is the highest capacity utilization achieved since commencement of operations in June, 2011.

During the year 2015-16, BORL has achieved sales of 6.13 TMT, as against 5.59 TMT in the previous year. The Company has reported Gross Revenue from Operations of ` 26,028 crores in the year 2015-16, as compared to ` 29,331 crores in the corresponding year. The decrease in revenue is on account of the fall in prices of petroleum products. The GRM for the year 2015-16 stood at USD 11.7 per barrel with an overall gross margin of ` 3,526 crores. The previous year’s GRM was of USD 6.1 per barrel with an overall gross margin of ` 1,681 crores. The net profit after tax was registered at `366 crores during the year 2015-16, as compared to a net loss of `790 crores in the previous year. This is the first time that BORL has recorded a profit.

The Company has launched a project for low cost de-bottlenecking of its existing facilities to enhance its current capacity to 7.8 MMTPA in the next 3 years and also to meet product quality specifications as stipulated in the Auto Fuel Vision and Policy 2025 guidelines. Basic engineering and design work for the process units has been completed and detailed engineering of open-art as well as licensed units has commenced.

Petronet LNG Limited (PLL)

PLL was formed in April, 1998 for importing LNG and setting up LNG terminals with facilities like jetty, storage, regasification etc. to supply Natural Gas to various industries in the country. The Company has an authorised capital of ` 1,200 crores and paid up capital of ` 750 crores. PLL was promoted by four public sector companies viz. BPCL, Indian Oil Corporation Limited (IOC), Oil and Natural Gas Limited (ONGC) and GAIL (India) Limited (GAIL). Each of the promoters holds 12.5% of the equity capital of PLL. PLL is a listed Company. BPCL’s equity investment in PLL currently stands at ` 98.75 crores. As at 31^st March, 2016, PLL had a consolidated net worth of ` 6,424.47 crore.
During the year 2015-16, PLL registered a consolidated Revenue from Operations of ` 27,222.95 crores as against ` 39,626.97 crores reported in 2014-15. The Company’s net profit for the year is at ` 928.53 crores against ` 904.80 crores in the last year. It recorded an EPS of ` 12.39 during the year under review as against EPS of ` 12.06 in 2014-15. The PLL Board has recommended dividend of ` 2.50 per share for the Financial Year 2015-16 against ` 2.00 per share paid last year.

Indraprastha Gas Limited (IGL)

IGL, a Joint Venture Company with GAIL as the other co-promoter, was set up in December, 1998 with an authorised capital of ` 220 crores for implementing the project for supply of Compressed Natural Gas (CNG) to the household and automobile sectors in Delhi. The paid up share capital of the Company is ` 140 crores. BPCL invested ` 31.50 crores in IGL for 22.5% stake in its equity. IGL is a listed Company with the public holding 55% of the paid up share capital of the Company. IGL has commissioned over 340 CNG stations which supply environment friendly fuel to more than 8,00,000 vehicles. IGL has more than 6,36,618 domestic PNG customers in Delhi.
The Company is also extending its business to the towns of Greater Noida and Ghaziabad. IGL has acquired 50% of the equity held by the financial institutions in Central UP Gas Limited and Maharashtra Natural Gas Limited, Joint Venture Companies promoted by BPCL and GAIL.

During the year 2015-16, IGL has posted Revenue from Operations of ` 4,064.21 crores and a profit after tax of ` 416.20 crore as against the figure of ` 4,059.64 crores and ` 437.73 crores respectively in the corresponding previous year. IGL has maintained a dividend of ` 6.00 per share for the year as was paid in the previous year. IGL’s shareholders’ funds were ` 2,413.23 crores as at 31st March, 2016.

Sabarmati Gas Limited (SGL)

SGL, a Joint Venture Company promoted by BPCL and Gujarat State Petroleum Corporation (GSPC), was incorporated on 6th June, 2006 with an authorized capital of ` 100 crores for implementing the City Gas distribution project for supply of CNG to the household and automobile sectors in the city of Gandhinagar, Mehsana and Sabarkantha Districts of Gujarat. The paid up share capital of the Company is ` 20 crores.

As at 31.3.2016, BPCL has a stake of 49.94% in the equity capital of SGL. SGL has set up 38 CNG stations. Revenue from Operations of SGL for the Financial Year ending 31st March, 2016 was ` 720.08 crores and net profit was ` 0.97 crores, against the previous year's figure of ` 905.71 crores and ` 110.84 crores respectively. The proposed dividend on equity shares by the Company was at the rate of ` 1.00 per share for the Financial Year ending 31st March, 2016 against the dividend of ` 2.50 per share for the Financial Year ending 31st March, 2015.

To compete with alternate fuel and retain customers, the Company had introduced a Minimum Guarantee Offtake (MGO) contract at reduced Retail Selling Price (RSP) to Industrial customers from April, 2015 onwards. Major Industrial Volume is under the MGO contract and RSP of the same is reduced as compared to the previous year, thereby adversely impacting the Sales value and also profit.

Central UP Gas Limited (CUGL)

CUGL is a Joint Venture Company set up in March, 2005 with GAIL as the other partner, for implementing the project for supply of CNG to the household, industrial and automobile sectors in Kanpur and Bareilly in Uttar Pradesh. The Company was incorporated with an authorised share capital of ` 60 crores. The Joint Venture partners have each invested ` 15 crores for an equity stake of 25% each in the Company. Indraprastha Gas Ltd, our joint Venture is holding the balance 50%. CUGL has set up 16 CNG stations and is carrying on PNG operations.

Revenue from Operations of CUGL was ` 200.61 crores and net profit was ` 32.61 crores for the Financial Year ending 31st March, 2016. In the previous year its Revenue from Operations was ` 186.81 crores and net profit was ` 27.52 crores. The EPS for the year was at ` 5.44 as against ` 4.59 in 2014-15. The Board of Directors has recommended payment of dividend at ` 1.40 per share for the current year, which is the same as that of the previous year.

Maharashtra Natural Gas Limited (MNGL)

MNGL was set up in January, 2006 as a Joint Venture Company with GAIL for implementing the project for supply of Natural Gas to the household, industrial and automobile sectors in Pune and its nearby areas. The Company was incorporated with an authorised share capital of ` 100 crores. The paid up capital of the Company is ` 100 crores. BPCL and GAIL have invested ` 22.50 crores each in MNGL’s equity capital. MIDC, as a nominee of the Maharashtra Government has taken 5% equity in the month of June, 2015. Balance 50% is being acquired by IGL, our Joint Venture Company from financial institutions. The Company has set up 30 CNG stations so far.

During the year 2015-16, MNGL reported net revenue of ` 464.78 crores and profit of ` 75.20 crores as against the revenue of ` 458.52 crores and profit of ` 50.58 crore in the last year. The MNGL Board has recommended a dividend of ` 1.50 per equity share for the Financial Year ending 31 st March, 2016 as against ` 1.02 per share declared in the last year.

Bharat Stars Services Private Limited (BSSPL)

BSSPL a Joint Venture Company promoted by BPCL and ST Airport Pte Limited, Singapore was incorporated in September, 2007 for providing into plane fueling services at the new Bengaluru International Airport. The authorised and paid up share capital of BSSPL is ` 20 crores.

The two promoters have each subscribed to 50% of the equity share capital of BSSPL and BPCL’s present investment stands at ` 10 crores. The Company commenced its operations at the new international airport in Bengaluru from May, 2008 and has also incorporated a wholly owned subsidiary, Bharat Stars Services Pvt. (Delhi) Ltd. for implementing into plane fuelling services exclusively at the new T3 Terminal of Delhi International Airport.

BSSPL provides Into Plane (ITP) Services at three Open Access airports-Bengaluru, Mumbai and Delhi T3. BSSPL has taken over the complete Operatorship of 2 AFS’s of BPCL - Jaipur and Durgapur. It also provides ITP services to BPCL at Calicut, Chennai and Delhi T-1 airports.

During the year 2015-16, BSSPL has posted a revenue of ` 29.53 crores and profit of ` 2.89 crores in comparison to a revenue of ` 17.15 crores and profit of ` 2.01 crores in the last year. The Board has recommended a dividend of ` 0.25 per equity share for the Financial Year ending 31st March, 2016, which was the same as the previous year.

Bharat Renewable Energy Limited (BREL)

BREL was incorporated on 17th June, 2008 for undertaking the production, procurement, cultivation and plantation of horticulture crops such as karanj, jathropha and pongamia, trading, research and development and management of all crops and plantation including Biofuels in the State of Uttar Pradesh, with an authorized capital of ` 30 crores. The Company has been promoted by BPCL with Nandan Cleantech Limited (erstwhile Nandan Biomatrix Limited), Hyderabad and the Shapoorji Pallonji group, through their affiliate, S.P. Agri Management Services Pvt. Ltd.

Due to non-viability, the operations of this Company have been closed down from September, 2014 and Company Petition No 5 of 2014 was filed before the Hon’ble High Court of Allahabad (Lucknow Bench) for winding up of BREL. By Order dated 21.12.2015, Mr. Justice Devendra Kumar Upadhyaya ordered that the Company be wound up and instructed the Official Liquidator to proceed in accordance with the provisions of the Companies Act.

Matrix Bharat Pte Limited (MBPL)

MXB is a Joint Venture Company incorporated in Singapore in the year 2008 for carrying on the bunkering business and supply of marine lubricants in the Singapore market as well as international bunkering. The Company has been promoted by BPCL and Matrix Marine Fuels L.P. USA, an affiliate of the Mabanaft group of Companies, Hamburg, Germany. BPCL has subscribed 20 lakh shares for an equivalent sum of ` 8.41 crores. The other partner has contributed equally to the share capital. Matrix Marine Fuels LP USA has subsequently transferred their share and interest in the Joint Venture in favour of Matrix Marine Fuels Pte Limited, Singapore another affiliate of the Mabanaft group.

MXB has posted a revenue of USD 221.82 million and earned a profit of USD 1.47 million for the year ending 31.12.2015, as compared to a revenue of USD 636.38 million and a profit of USD 1.62 million in the previous year. Turnover has dropped by 65% in 2015 mainly due to the steep drop in fuel oil price in the international market coupled with lower volume during the year.

Petronet India Limited (PIL)

BPCL has 16% equity participation with an investment of ` 16 crores in PIL which was formed as a non-government financial holding Company to give impetus to the development of a pipeline network throughout the country. PIL has facilitated pipeline access on a common carrier principle through Joint Ventures for pipelines put up by them viz., Vadinar-Kandla, Kochi-Coimbatore-Karur and Mangalore - Hassan - Bangalore. PIL registered other income of ` 14.08 crores and a net profit of ` 13.72 crores for the Financial Year ending 31st March, 2016 as against other income of ` 1.54 crores and a net profit of ` 1.14 crores in the previous year.The changes in pipeline policy have affected the future of the Company as interested Companies are permitted to undertake pipeline projects.
PIL does not have any new projects in hand and is considered not viable. PIL has recently sold its 26% share in Petronet CCK Ltd to BPCL. Accordingly, the process of divesting PIL’s 26% equity in the balance two Joint Venture Companies promoted by it is in progress. The Company would be wound up thereafter.

Delhi Aviation Fuel Facility Private Limited (DAFFPL)

DAFFPL has been promoted by BPCL, IOCL and Delhi International Airport Limited (DIAL) in the year 2009 for implementing Aviation Fuel facility for the new T3 terminal at Delhi International Airport. The paid up share capital of the Company is ` 164 crores. BPCL and IOCL each have subscribed to 37% of the share capital of the Company, while the balance is held by DIAL.

DAFFPL has posted a revenue of ` 110.85 crores and net profit of ` 37.55 crores for the Financial Year ending 31st March, 2016 in comparison to the revenue of

96.04 crores and net profit of ` 26.58 respectively in the last year. The Board has recommended a dividend of 1.80 per share for the Financial Year ending 31st March, 2016 as against ` 1.25 per equity share declared in the previous year.

Kannur International Airport Limited (KIAL)

Kannur International Airport Ltd (KIAL) was promoted by the Government of Kerala to establish and operate airports and allied infrastructure facilities at Kannur and other parts of India. KIAL would initially set up an Airport at Kannur in the State of Kerala at an estimated project cost of ` 1,892 crores, of which ` 1,000 crores will be financed through equity and the balance sum of 892 crores will be financed by borrowings. The paid up share capital of the Company as at 31.03.2016 is 864.76 crores.

BPCL has made a contribution of ` 170 crores out of the total contribution committed, amounting to ` 216.80 crores for 21.68% equity stake in the Company.

GSPL India Transco Limited

BPCL has signed a Joint Venture Agreement in 30th April, 2012 with Gujarat State Petronet Ltd., IOCL and HPCL for laying of 1,747 km for the Mallavaram-Bhopal-Bhilwara-Vijaipur (MBBVPL) gas pipeline. BPCL’s equity contribution to this project will be 11% of the total equity capital. The other Joint Venture (JV) partners will contribute GSPL 52%, IOCL 26% and HPCL 11%. BPCL has made an initial contribution of ` 18.15 crores so far. The Company is in the process of acquiring the Right of Way.

The Company had reported a miscellaneous income of 1.30 crores and net profit of ` 0.87 crores during the Financial Year 2015-16. The previous year income was 2.17 crores and net profit was ` 1.47 crores.

GSPL India Gasnet Limited

BPCL has signed a Joint Venture Agreement on 30th April, 2012 with Gujarat State Petronet Ltd., IOCL and HPCL for laying of the gas Pipeline Mehsana-Bhatinda (MBPL) (Pipeline length 1654 km) and Bhatinda-Jammu-Srinagar (BJSPL) (Pipeline length 460 kms). BPCL’s equity contribution to this project will be 11% of the total equity capital. The other JV partners will contribute GSPL 52%, IOCL 26% and HPCL 11%. BPCL has made an equity contribution of ` 23.32 crores so far.

During the Financial Year 2015-16, the Company had reported a miscellaneous income of ` 1.74 crores and net profit of ` 1.16 crores against the income of ` 1.89 crores and profit of ` 1.28 crores for the previous year.

Mumbai Aviation Fuel Farm Facility Private Limited (MAFFFPL)

BPCL with IOCL, HPCL and Mumbai International Airport Ltd. (MIAL) entered into a Joint Venture for implementing and managing fuel farm facilities at Mumbai Airport and formed Mumbai Airport Fuel Farm Facility Pvt. Ltd. (MAFFFPL) with equal participation of 25% each.

Presently, BPCL has invested an amount of ` 38.27 crores towards equity. The Company has started its operations from 1st February, 2015.

MAFFPL recorded a turnover of ` 112.12 crores and net profit of ` 17.94 crores for the year ending 31.03.2016 in comparison to ` 19.77 crores and net loss of ` 11.01 crores for the previous Financial Year ending 31st March, 2015.

Kochi Salem Pipeline Private Limited (KSPPL)

BPCL has signed a Joint Venture Agreement with IOCL for implementation of the Kochi-Coimbatore-Salem LPG pipelines project and formed a Joint Venture Company viz., KSPPL in January, 2015 on a 50:50 basis. BPCL’s equity investment in the Company currently stands at ` 40 crores.

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