JOINT VENTURE/SUBSIDIARIES

Numaligarh Refinery Limited (NRL)

NRL was incorporated in 1993 with an authorized share capital of Rs. 1,000 crores. It is a Category I Mini Ratna company and has a 3 MMTPA refinery at Numaligarh in Assam. Besides the refinery, NRL has two marketing terminals, one at Numaligarh & the other at Siliguri, for evacuation of product. NRL also has a 42 TMTPA LPG Bottling Plant at Numaligarh. As on 31st March, 2019, the paid up capital of NRL was Rs. 735.63 crores, of which BPCL holds 61.65%. During 2018-19, NRL crude throughput was 2.90 MMT as compared to 2.81 MMT in the previous year. NRL revenue from operations was Rs. 18,511 crores for the financial year ending 31st March 2019 as compared to Rs. 15,923 crores in the previous year. The company’s consolidated profit after tax for the year stood at Rs. 1,980.28 crores, as against profit of Rs. 2,041.95 crores in the previous year. The earnings per share (EPS) for the year 2018-19 was Rs. 26.92, as compared to Rs. 27.76 in 2017-18. An interim dividend of Rs. 14 per fully paid equity share of Rs. 10 each has been paid and the Board of Directors of NRL has recommended a final dividend of Rs. 3 per share, which will result in total dividend declared of Rs. 17 per fully paid equity share of Rs. 10 each for the current financial year, as compared to Rs. 18.50 per share in the previous year. NRL had a net worth of Rs. 5,486.16 crores as at 31st March 2019.

NRL is going for the capacity expansion of Numaligarh Refinery from 3 MMTPA to 9 MMTPA at an estimated cost of Rs. 22,954 crores. Government approvals for the same have been obtained and necessary activities have started. NRL has 4 Joint Venture companies. Brahmaputra Cracker and Polymer Ltd., a CPSE under the Department of Chemicals & Petrochemicals, Government of India, is a petrochemical based company located in Dibrugarh district of Assam. They started operations since January 2016 and NRL holds 10% equity share in this company. DNP Limited is a Joint Venture between Assam Gas Company Limited (51%), NRL (26%) and Oil India Limited (23%) for transportation of Natural Gas through pipeline. During the year 2018-19, DNP Limited transported 281.01 MMSCUM of Natural Gas and had a revenue of Rs. 92.58 Crores. Two new Joint Venture companies, namely Assam Bio Refinery Private Limited for production of biofuels and Indradhanush Gas Grid Limited for implementation of the North East Gas grid, have been incorporated during the financial year 2018-19.
Bharat PetroResources Limited (BPRL)
Bharat PetroResources Limited (BPRL) was incorporated in October 2006, as a 100% subsidiary of BPCL, to cater to the upstream activities of BPCL. As on 31st March 2019, BPCL’s investment is Rs. 5,000 crores in equity. In addition to this, BPCL has given a loan of Rs. 1,100 crores to BPRL. BPRL has recorded a consolidated income of Rs. 180.63 crores and a consolidated loss of Rs. 95.69 crores for the financial year ending 31st March 2019, as against a consolidated income of Rs. 215.95 crores and consolidated loss of Rs. 68.72 crores in the previous year. BPRL has Participating Interest (PI) in twenty six blocks of which thirteen are located in India and thirteen overseas, along with equity stake in two Russian entities holding the licence to four producing blocks in Russia. Seven of the thirteen blocks in India were acquired under different rounds of New Exploration Licensing Policy (NELP), five blocks were awarded under Discovered Small Fields Bid Round 2016 and 1 block was awarded during the year 2018-19 under the Open Acreage Licensing Policy Bid Round I. Out of thirteen overseas blocks, six are in Brazil, two in United Arab Emirates and one each in Mozambique, Indonesia, Australia, Israel and Timor Leste. The blocks of BPRL are in various stages of exploration, appraisal, pre-development and production phase. The total acreage held by BPRL and its subsidiaries is around 31487 km2 of which approximately 62% is offshore.

BPRL, along with Indian Oil Corporation Limited (IOCL), has been awarded an exploration concession for Onshore Block 1 in Abu Dhabi, after emerging as the winning bidder in the Abu Dhabi 2018 Block Licensing Round. The award has been endorsed by the Supreme Petroleum Council (SPC) on behalf of the Government of the Emirate of Abu Dhabi and represents the continued expansion of BPCL’s upstream exploration operations. The transaction marks entry of BPRL as an Operator of overseas assets for the first time in the highly prospective UAE region and is consistent with its stated strategic objective of balancing its portfolio by adding exploration assets in prolific basins to its existing E&P portfolio. During 2018-19, BPCL Group refineries have lifted 3.4 mmbbl out of BPRL’s share of equity crude oil from the Lower Zakum asset, wherein the consortium of BPRL, ONGC Videsh Ltd. and IOCL has a 10% PI. BPRL and its consortia have a total of 26 exploration discoveries in respect of Blocks held in five countries i.e. Brazil, Mozambique, Indonesia, Australia and India. BPRL also had a successful exploration campaign in its maiden operatorship block located in Cambay basin, with two discoveries approved by Directorate General of Hydrocarbons (DGH). Further, the Field Development Plan (FDP) for the above two discoveries was approved by DGH on 11.06.2018 and currently, pre-development activities are ongoing. The PI in respect of Blocks in India, Israel and Australia are held directly by BPRL. The PI in the Block in Timor Leste is held by BPRL’s wholly owned subsidiary company in India, i.e. Bharat PetroResources JPDA Limited. PI in respect of blocks in Brazil, Mozambique, Indonesia, and UAE and equity stake in the two Russian entities are held through various step down wholly owned subsidiaries/ JVs of the wholly owned subsidiaries located in the Netherlands and Singapore.
BPCL-KIAL FUEL FARM PRIVATE LIMITED
 

BPCL signed a Joint Venture Agreement with KIAL (Kannur International Airport Ltd.) for design, construction, commissioning and operation of the Fuel Farm at Kannur International Airport on 74:26 equity basis. The company has been incorporated on 18.05.2015. As on 31.03.2019, the authorized capital of the company is Rs. 18 crores and paid up capital is Rs. 9 crores. The Fuel Farm has been commissioned on 09.12.2018 along with the commencement of operations at Kannur International Airport.

BHARAT GAS RESOURCES LIMITED (BPRL)

BGRL, a wholly owned subsidiary of BPCL for handling the Natural Gas business, was incorporated on 7th June 2018 with an authorised capital of Rs. 2000 crores. The existing Gas business of BPCL and Gas related investments in joint venture companies are being transferred to BGRL.

New activities in the Gas business, namely participation in new City Gas Distribution (CGD) bidding rounds, new tie-ups etc. are being undertaken directly by BGRL. Subsequent to incorporation of the company, BGRL has been awarded the AA+ credit rating by reputed rating company CRISIL. BGRL has been also successful in receiving LEI (Legal Entity Identifier) registration, which is a global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction in any jurisdiction. BGRL has entered into a Long Term Sales & Purchase Agreement with M/s. Mozambique LNG1 Company Pvt. Ltd. for sourcing of LNG from Mozambique. This contract is for 15 years with volume of 1 MMTPA after ramp-up. The supply is likely to start from Financial Year 2024-25. BGRL also successfully negotiated with Ras Gas for direct import of volumes of 0.1 MMTPA, which was earlier being routed through Petronet LNG Ltd. This would result to savings in VAT, thereby making the product more competitive in the market. Continuing its efforts to expand the Gas Business, BGRL participated in the 9th and 10th round of CGD bidding. Petroleum & Natural Gas Regulatory Board (PNGRB) has granted authorization to Lay, Build, Operate or Expand Gas Distribution Networks to BGRL in 11 Geographical Areas (GA) through the 9th round and 2 GAs in the 10th round of bidding. Other than these 13 GAs, BPCL has authorization for CGD in 4 GAs viz. Saharanpur, Yamunanagar, Rupnagar and Rohtak which were obtained through the 6th CGD round bidding.

BHARAT OMAN REFINERIES LIMITED (BORL)
 

Bharat Oman Refineries Ltd. (BORL) is a Joint Venture between BPCL and Oman Oil Company S.A.O.C (OOC). As on 31st March 2019, it had authorized share capital of Rs. 7,000 Crores and paid up equity share capital of Rs. 1,777.23 Crores, with both BPCL and OOC holding equity stake of 50% each. BPCL has given a loan of Rs. 1,254.10 Crores and subscribed to Share Warrants of Rs. 1,585.68 Crores. Further, the State of Madhya Pradesh has also subscribed to Rs. 26.90 Crores of share warrants in BORL. BPCL has also subscribed to Zero Percent Compulsorily Convertible Debentures of Rs. 1,000 Crores.

During the year 2018-19, BORL has completed its debottlenecking project, enhancing the refining capacity from the existing 6.0 MMTPA to 7.8 MMTPA and meeting BS VI product quality specifications. Crude oil intake during 2018-19 was 5,716 TMT with average capacity utilization of 95%. The company has reported Revenue from Operations of Rs. 31,597.59 Crores in the financial year ended as on 31st March 2019, as compared to Rs. 31,287.48 Crores recorded in the previous financial year. The net profit for the year 2018-19 stood at Rs. 106.71 crores, as compared to Rs. 983.71 Crores in the previous year. The EPS for the year stood at Rs. 0.31 as against Rs. 2.96 in 2017-18.

PETRONET LNG LIMITED
 

PLL was formed in April 1998 for importing LNG and setting up an LNG terminal with facilities like jetty, storage, regasification etc. to supply natural gas to various industries in the country. The company has an authorised share capital of Rs. 3,000 Crores and paid up capital of Rs. 1,500 Crores. PLL was promoted by four public sector companies viz. BPCL, IOCL, Oil and Natural Gas Corporation Limited (ONGC) and Gas Authority of India Limited (GAIL). Each of the promoters holds 12.5% of the equity capital of PLL. BPCL’s equity investment in PLL currently stands at Rs. 98.75 Crores. As at 31st March 2019, PLL had net worth of Rs. 10,230.58 Crores.

PLL recorded Revenue from Operations of Rs. 38,395.43 Crores in this financial year, as compared to Rs. 30,598.62 Crores recorded in 2017-18. The net profit for the year stood at Rs. 2,230.56 Crores, as compared to Rs. 2,110.44 Crores in the previous year. The EPS for the year 2018-19 is Rs. 14.87, as compared to Rs. 14.07 in 2017-18. During the year 2018-19, PLL has paid an interim dividend of Rs. 5.50 per share and has recommended final dividend of Rs. 4.50 per share.

INDRAPRASTHA GAS LIMITED
 

IGL, a Joint Venture Company with GAIL as the other co-promoter, was set up in December 1998 with an authorised capital of Rs. 220 Crores, for implementing the project for supply of Compressed Natural Gas (CNG) to the automobile sector and Piped Natural Gas (PNG) to households in Delhi. The paid up share capital of the company is Rs. 140 Crores. BPCL invested Rs. 31.50 Crores in IGL for 22.5% stake in its equity. As on 31.03.2019, IGL has 500 CNG stations and has approx. 11.02 lakh domestic PNG customers. IGL is present in Delhi, Gautam Budh Nagar, Ghaziabad, Gurugram, Rewari district and Karnal district. During the year, IGL has won CGD for one GA in Uttar Pradesh in the 9th bidding round by PNGRB and three GAs i.e. one each in the states of Haryana, Rajasthan and Uttar Pradesh in the 10th bidding round. IGL holds 50% of equity in M/s Central UP Gas Limited, Kanpur & M/s. Maharashtra Natural Gas Limited, Pune, Joint Venture Companies promoted by BPCL and GAIL. IGL has registered Revenue from Operations of Rs. 6,361.87 Crores and a profit after tax of Rs. 842.10 Crores for the financial year ending 31st March 2019, as compared to a Revenue from Operations of Rs. 5,014.90 Crores and a profit after tax of Rs. 721.72 Crores in the previous year. The EPS for the year stood at Rs. 12.03, as against Rs. 10.31 in 2017-18. The IGL Board has recommended a dividend of Rs. 2.40 per share (face value of Rs. 2 each) for the year ending 31st March 2019, as against a dividend of Rs. 2 per share (face value of Rs. 2 each) in the previous year.

SABARMATI GAS LIMITED
 

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 Rs. 100 Crores for implementing the CGD project for supply of CNG to the household, automobile, industrial and commercial sectors in the districts of Gandhinagar, Mehsana, Aravali, Sabarkantha and Patan of Gujarat. The paid up share capital of the company is Rs. 20 Crores. As at 31.03.2019 BPCL has a stake of 49.94% in the equity capital of SGL. SGL has set up 88 CNG stations. SGL has achieved turnover of Rs. 1,122.57 Crores and a net profit of Rs. 100.48 Crores for the financial year ending 31st March 2019, as against Rs. 839.87 Crores and Rs.74.54 Crores respectively for the previous year. The EPS for the year stood at Rs. 50.23 as against Rs. 37.29 in 2017-18. The company has recommended a dividend of Rs. 3.25 per share for the financial year ending 31st March 2019, as against Rs. 2.50 per share in previous year.

CENTRAL UP GAS LIMITED
 

CUGL is a Joint Venture Company set up in February 2005 with GAIL as the other partner for implementing the projects for supply of CNG to the automobile sector and PNG to the household, industrial and commercial sectors in Kanpur (including parts of Unnao district), Bareilly and Jhansi in Uttar Pradesh. The company was incorporated with an authorised share capital of Rs. 60 Crores. The joint venture partners have each invested Rs. 15 Crores for an equity stake of 25% each in the company, balance 50% being held by IGL. CUGL has set up 40 CNG stations. CUGL has achieved Revenue from Operations of Rs. 328.03 Crores and net profit of Rs. 52.11 Crores for the financial year ending 31st March 2019, as against Rs. 266.06 Crores and Rs. 45.95 Crores respectively for the previous year. The EPS for the year stood at Rs. 8.68 as against Rs. 7.66 in 2017-18.

MAHARASHTRA NATURAL GAS LIMITED
 

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/ commercial and automobile sectors in Pune and its nearby areas. The company was incorporated with an authorised share capital of Rs. 100 Crores. The paid up capital of the company is Rs. 100 Crores. BPCL and GAIL have invested Rs. 22.50 Crores each in MNGL’s equity capital. MIDC, as a nominee of Maharashtra Government, has taken 5% equity in the month of June 2015. The balance 50% is held by IGL, our joint venture company. MNGL has achieved Revenue from Operations of Rs. 909.84 Crores and profit of Rs. 142.65 Crores for the financial year ending 31st March,2019 as against Rs. 663.17 Crores and profit of Rs. 105.72 Crores respectively in the previous year. The EPS for the year stood at Rs. 14.27 as against Rs. 10.57 in 2017-18.

HARIDWAR NATURAL GAS PRIVATE LIMITED
 

BPCL has signed a Joint Venture Agreement with GAILGas Limited for implementation of a CGD Project in the GA of Haridwar and formed a Joint Venture Company,HNGPL on a 50:50 basis. HNGPL was incorporated on 20th April 2016. The authorised share capital of the company is Rs. 45 Crores and as on 31st March 2019, the promoters have infused Rs. 12.50 Crores each towards equity contribution. The project cost for the first five years is approximately Rs. 148 Crores, which will be funded through a debt equity of 70:30.

GOA NATURAL GAS PRIVATE LIMITED
 

BPCL has signed a Joint Venture Agreement with GAILGas Limited for implementation of a CGD Project in North Goa and formed a Joint Venture Company, GNGPL on a 50:50 basis. GNGPL was incorporated on 13th January 2017 with an authorised share capital of Rs. 50 Crores. The project cost for the first five years is Rs. 119 Crores which will be funded through 30% equity and 70% debt. So far BPCL has paid Rs. 9.50 Crores as equity contribution.

BHARAT STARS SERVICES PRIVATE LIMITED
 

BSSPL, a Joint Venture Company promoted by BPCL and ST Airport Pte Limited, Singapore was incorporated in September 2007, for providing Into Plane (ITP) fuelling services at Bengaluru International Airport. The authorised and paid up share capital of BSSPL is Rs. 20 Crores. The two promoters have each subscribed to 50% of the equity share capital of BSSPL and BPCL’s present investment stands at Rs. 10 Crores. The company commenced its operation at the international airport in Bengaluru from May 2008 and has also incorporated a wholly owned subsidiary, Bharat Stars Services Pvt. (Delhi) Ltd. for implementing ITP services exclusively at the new T3 Terminal of Delhi International Airport. BSSPL is presently providing ITP Services at three open access airports viz. Bengaluru, Mumbai & Delhi T3. It has also taken over the complete operatorship of 3 BPCL AFS at Delhi T1, Jaipur and Durgapur. In addition, BSSPL also provides manpower support services to BPCL at various other airports. BSSPL has achieved a consolidated turnover of Rs. 50.27 Crores and consolidated profit of Rs. 5.57 Crores for the financial year ending 31st March 2019, as against Rs. 40.93 Crores and Rs. 5.35 Crores respectively for the previous year. The EPS for the year stood at Rs. 2.78, as against Rs. 2.67 in 2017-18. The company has recommended a dividend of Rs. 0.50 per share for the financial year ending 31st March 2019.

DELHI AVIATION FUEL FACILITY PRIVATE LIMITED
 

A Joint Venture Company, DAFFPL has been promoted by BPCL, IOCL and Delhi International Airport Limited (DIAL) for implementing open access Aviation Fuel facility for the new T3, T2 and cargo terminals at Delhi International Airport. The authorized and paid up share capital of the company is Rs. 170 Crores and Rs. 164 Crores respectively.

BPCL and IOCL each have subscribed to 37% of the share capital of the joint venture while the balance 26% has been held by DIAL. DAFFPL has registered Revenue from Operations of Rs. 157.43 Crores and net profit of Rs. 50.96 Crores for the financial year ending 31st March 2019, as against Revenue from Operations of Rs. 139.96 Crores and net profit of Rs. 48.96 Crores respectively during the previous year. The EPS for the year stood at Rs. 3.11, as against Rs. 2.99 in 2017-18. The company has recommended a dividend of Rs. 0.80 per equity share for the financial year ending 31st March 2019.

MUMBAI AVIATION FUEL FARM FACILITY PRIVATE LIMITED
 

MAFFFPL has been incorporated on 26th February 2010 under the provisions of the Companies Act, 1956 in the state of Maharashtra, India. IOCL, BPCL and Hindustan Petroleum Corporation Limited (HPCL) became joint venture partners along with Mumbai International Airport Private Limited (MIAL) on 28th October, 2014 with equity holding of 25% each. Presently, BPCL has invested an amount of Rs. 48.29 Crores towards equity so far.

MAFFFPL has started its operation from February 2015.The business of the company is to operate & maintain the existing Aviation fuel farm facilities and to provide ITP services at Chhatrapati Shivaji International Airport (CSIA), Mumbai. MAFFFPL is constructing the Integrated Fuel Farm Facility on an open access basis and the first phase of commissioning activities have commenced. The revenue to MAFFFPL is by way of the fuel infrastructure charges, payable by the suppliers for utilising the facility. MAFFFPL has registered a Revenue from Operations of Rs. 137.11 Crores and net profit of Rs. 51.84 Crores for the year ending 31.03.2019, as against Revenue from Operations of Rs. 132.09 Crores and net profit of Rs. 47.22 Crores during the previous year. The EPS for the year stood at Rs. 2.75, as against Rs. 2.97 in 2017-18.

KANNUR INTERNATIONAL AIRPORT LIMITED
 

KIAL is an Unlisted Public Company promoted by the Government of Kerala to build and operate the airport on international standards, primarily to cater to the travelling needs of the large NRI population in the region, who travel frequently to various international destinations, the flourishing business community and tourists. The area is of immense tourist potential and attracts both domestic and international tourists. The project cost was Rs. 2,418 crores, of which Rs.1,500 crores will be financed through equity and the balance sum of Rs. 918 crores financed by way of borrowings. The paid up capital of the company as on 31.03.2019 is Rs. 1,160.50 crores, out of which BPCL has made a contribution of Rs. 216.80 Crores. Kannur Airport was commissioned on 9th December 2018, and it is the 4th international airport in Kerala, the only state in the country to have four international airports. During the period 9th December 2018 to 31st March 2019, total aircraft movements were 1071 and passenger traffic was approx. 2.29 lakh.

MATRIX BHARAT PTE LIMITED
 

MXB is a Joint Venture Company incorporated in Singapore on 20th May 2008 for carrying out the Bunkering business and supply of marine lubricants in the Singapore market, as well as international bunkering including expanding into Asian and Middle East markets.

The company has been promoted by BPCL and Matrix Marine Fuels L.P. USA, an affiliate of the Mabanaft group of companies, Hamburg, Germany. The authorised capital of the company is USD 4 million. BPCL has subscribed 20 lakh shares for an equivalent sum of Rs. 8.41 Crores. Both the partners have contributed equally to the share capital. Matrix Marine Fuels L.P. 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 achieved revenue of USD 149.93 million and earned a profit of USD 0.04 million for the year ending 31.12.2018, as against USD 220.24 million revenue and a profit of USD 1.88 million in the year 2017.

 
KOCHI SALEM PIPELINE PRIVATE LIMITED
 

BPCL has signed a Joint Venture Agreement with IOC for implementation of the Kochi-Coimbatore-Salem LPG Pipeline Project and formed a Joint Venture Company, KSPPL in January 2015, on a 50:50 basis. As on 31.03.2019, BPCL has paid an amount of Rs. 96.25 Crores towards equity in this JV Company. The project is presently underway.

GSPL INDIA TRANSCO LIMITED
 

GITL is a Joint Venture of Gujarat State Petronet Limited (GSPL) holding 52% share, IOCL holding 26% share and BPCL and HPCL holding 11% share each. BPCL has made an equity contribution of Rs. 41.91 Crores so far. GITL has been authorised to lay a 1,881 Km pipeline from Mallavaram to Bhilwara. The Company has awarded EPC Contracts for the initial section of the project from Kunchanapalli (Andhra Pradesh) to RFCL Ramagundam (Telangana), which is in an advanced stage of completion.

GSPL INDIA GASNET LIMITED
 

GIGL is a Joint Venture of GSPL holding 52% share, IOCL holding 26% share and BPCL and HPCL holding 11% share each. As on 31.03.2019, BPCL has made an equity contribution of Rs. 52.80 Crores. GIGL has been authorised to lay two cross-country gas pipelines viz. 1,640 Km from Mehsana to Bhatinda and 740 Km from Bhatinda to Srinagar. The initial sections of the project, covering approx. 440 kms viz. Barmer-Pali Pipeline, Palanpur- Pali Pipeline and Jalandhar-Amritsar Pipeline, were inaugurated by the Hon’ble Prime Minister of India on 30th September 2018 and have started commercial operations in the third quarter of the Financial Year 2018-19. The company has transported approximately 0.90 MMSCMD of gas and has earned total revenue of Rs. 21.64 Crores through transportation of gas till 31st March, 2019. The company has also started implementation of various sections of the MBPL Project planned under Phase II.

FINO PAYTECH LIMITED
 

BPCL signed a Subscription Agreement with FINO PayTech Ltd. and Shareholders Agreement with FINO and other investors on 29.07.2016. Pursuant to the said agreements, BPCL has made an investment of Rs. 251 Crores in FINO PayTech Limited. FINO Payments Bank - FPB (A FINO group entity) completes its second year of operation in June 2019. FPB evolved a new cost effective channel of operations through the Merchant Network and stabilized 425 branches across India as on 31.03.2019. Consolidated Revenue from Operations during the year stood at Rs. 527 Crores and consolidated loss for the year 2018-19 was Rs. 73.96 Crores.

RATNAGIRI REFINERY & PETROCHEMICALS LIMITED
 

An integrated refinery and petrochemical complex of about 60 MMTPA capacity was conceived by the Oil PSUs (OMCs), based on growing demand of petroleum fuels and petrochemical products in the west coast. Accordingly, IOCL, BPCL and HPCL entered into a Joint Venture Agreement on 14th June, 2017 and the JV Company, RRPCL was incorporated on 22nd September, 2017 with an authorised capital of Rs. 400 Crores and paid up capital of Rs. 100 Crores . BPCL has made an initial equity contribution of Rs. 25 Crores. Saudi Aramco showed interest in taking equity in RRPCL and a non-binding MOU for Key Business Principles was signed on 11th April, 2018. Saudi Aramco also sought to include another strategic partner to co-invest in the project as an overseas investor and accordingly, signed a MoU with ADNOC on 25th June, 2018. Saudi Aramco and Adnoc have expressed their intent to together hold upto 50% of the share capital of RRPCL as a Non-Resident Block as per the MoU, with Indian consortium holding the balance 50% as a Resident Block. City and Industrial Development Corporation (CIDCO), was entrusted with land acquisition at Raigad District by the Government of Maharashtra. A market study was carried out as a prelude/basis to PFR by an internationally renowned consultant to assess the demand forecasting of Petrochemical products and the pricing details of Crude, Fuel Products and Petrochemicals. Configuration of the integrated complex is being finalized with the help of an international consultant.

UJJWALA PLUS FOUNDATION
 

A Joint Venture Company was formed for charitable purposes between three PSU Oil Marketing Companies viz BPCL, HPCL & IOCL (in the ratio of 25:25:50) under Section 8 of the Companies Act, 2013. The company was incorporated on 21st July 2017. This company is limited by guarantee and not having share capital. The company will receive funds/contributions from organizations or individuals and these will be utilized for release of LPG connections to Below Poverty Level (BPL) households not covered under Pradhan Mantri Ujjwala Yojana. The beneficiaries are identified from the Socio – Economic Caste Census (SECC) 2011 based on certain deprivation criteria through the years.

IHB Private Limited
 

A Joint Venture Company has been formed among 3 PSU Oil Marketing Companies BPCL, HPCL & IOCL with ratio of (25:25:50) on 9th July, 2019 for laying and operating LPG pipeline from Kandla (Gujarat) to Gorkhpur (Uttar Pradesh).