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JOINT VENTURE/SUBSIDIARIES

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.

As of 31st March 2015, the paid up share capital of NRL was Rupees735.63 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 the evacuation of products and a 10 TMTPA LPG Bottling Plant at Numaligarh.

During 2014-15, NRL’s crude throughout was 2.78 MMT, as compared to 2.61 MMT in the previous year. Thus, capacity utilization improved to 92.5% from 87.1% in 2013-14. In 2014-15, NRL’s distillate yield at 90.69% was the highest among PSU oil refineries in the country. This is the fourth consecutive year of such an achievement recorded by NRL. Specific Energy Consumption during 2014-15 at 51.6 MBN was among the best in the industry. In terms of safety management, as on 31st March, 2015 cumulative Loss Time Accident (LTA) free man-hours at the refinery reached 24.5 million (13 years, 1 month).

During the year, NRL had commissioned the Wax project within the approved project cost of Rupees 676 crores. NRL now has the largest Wax producing unit in the country and is expected to contribute significantly towards import substitution of the product.

NRL’s GRM for 2014-15, the highest among Indian refineries, was USD 16.67 per barrel, as against USD 12.09 per barrel in the previous year. Such a high GRM contributed in achievement of record profitability. Profit before tax for 2014-15 increased by 101% to reach Rupees 1,134.25 crores, as compared to Rupees 562.66 crores in the previous year.
NRL’s Gross Revenue from Operations for the financial year ended 31st March, 2015 was Rupees 10,827.05 crores, as against Rupees 9,876.76 crores in the previous year, marking an increase of 6.56%. The Company’s profit after tax for the year was Rupees 718.31 crores, as compared to Rupees 371.09 crores in 2013-14. Earnings per share increased to Rupees 9.76 from Rupees 5.04 in the previous year. The Board of Directors of NRL has recommended a dividend of Rupees 4.00 per fully paid share of Rupees 10 each for 2014-15. NRL’s net worth as on 31st March, 2015 reached the level of Rupees 3,354.98 crores and book value per share increased to Rupees 45.61 from Rupees 40.66 in the previous year.

Bharat PetroResources Limited (BPRL)

Bharat PetroResources Ltd (BPRL) was incorporated in the year 2006 as a wholly owned subsidiary company of BPCL, with the objective of implementing BPCL’s plans in upstream exploration and production sector.

Presently, the authorized capital of BPRL is Rupees 3,000 crores. The subscribed and paid up share capital of BPRL is Rupees 2,620 crores as on 31st March, 2015. BPRL has Participating Interest (PI) in 17 exploration blocks, in consortium with other partners. Out of these blocks, seven blocks are in India and six in Brazil, and one each in Mozambique, Indonesia, Australia and East Timor. The total area of these 17 blocks (where BPRL/its subsidiaries have PI) is around 24,375 sq.km, of which approximately 88% is offshore acreage.

BPRL looks after many of its overseas projects through subsidiary companies. BPRL has a wholly owned subsidiary company, Bharat PetroResources JPDA Limited in India, through which it holds a PI of 20% in Block-JPDA 06-103, in East Timor in the Joint Petroleum Development Area (between Australia and East Timor).

Further, 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 Brazil Petroleo Limitada, which currently holds PI ranging from 20% to 40% in 6 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.

All the blocks of BPRL are under various stages of exploration/appraisal. BPRL has recorded consolidated income of Rupees 27.02 crores and a consolidated loss of Rupees 386.68 crores for the financial year ending 31st March, 2015. In the corresponding year, 2013-14, BPRL earned consolidated income of Rupees 9.76 crores and a consolidated loss of Rupees 531.10 crores. This was due to relinquishment of our participating interest in few blocks, in view of poor prospect efficacy assessed based on drilling results.

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 Ltd. (BORL), is a Joint Venture Company between BPCL and Oman Oil Company S.A.O.C. (OOC). As on 31.3.2015, both BPCL and OOC, have an equity stake of 50% each in BORL’s paid up share capital of Rupees 1,777.23 crores. Besides this, BPCL has subscribed to Share Warrants of Rupees 1,585.68 crores. Also, the State of Madhya Pradesh has subscribed to 26.90 crores of Share Warrants.

BORL has undertaken various initiatives to maximize crude processing. During the year 2014-15, Bina Refinery processed 6.20 MMT of crude, achieving a capacity utilization of 103%, as compared to 91% in the previous year. This is the highest capacity utilization achieved since commencement of operations in June 2011.

BORL recorded Gross Revenue from Operations of Rupees 29,331.07 crores in the year 2014-15, as compared to Rupees 31,161.04 crores in the previous year. Financial performance was impacted during the year 2014-15, due to a steep fall in prices of crude oil and petroleum products. The Refinery’s GRM for the year 2014-15 stood at USD 6.10 per barrel with an overall gross margin of Rupees 1,681 crores against the previous year’s GRM of USD 9.30 per barrel with an overall gross margin of Rupees 2,217 crores. The net loss for the year stood at 790.17 crores, as compared to Rupees 296.51 crores in the previous year.

The company has undertaken a project to increase the refinery capacity from 6 MMTPA to 7.8 MMTPA and also to meet product quality specifications as stipulated in the Auto Fuel Vision and Policy 2025 guidelines. Environmental Clearance for this project has been received from Ministry of Environment, Forest and Climate Change. M/s Engineers India Ltd. (EIL) has been engaged for process design work of open-art units including Utilities, Offsites, COT, VBPL and BDT, to facilitate BEDP of licensed units and procurement of long lead and priority items. Preparation of the process design package for licensed units is under progress.

Bharat Oman Refineries Limited (BORL)

Bharat Oman Refineries Ltd. (BORL), is a Joint Venture Company between BPCL and Oman Oil Company S.A.O.C. (OOC). As on 31.3.2015, both BPCL and OOC, have an equity stake of 50% each in BORL’s paid up share capital of Rupees 1,777.23 crores. Besides this, BPCL has subscribed to Share Warrants of Rupees 1,585.68 crores. Also, the State of Madhya Pradesh has subscribed to 26.90 crores of Share Warrants.

BORL has undertaken various initiatives to maximize crude processing. During the year 2014-15, Bina Refinery processed 6.20 MMT of crude, achieving a capacity utilization of 103%, as compared to 91% in the previous year. This is the highest capacity utilization achieved since commencement of operations in June 2011.

BORL recorded Gross Revenue from Operations of Rupees 29,331.07 crores in the year 2014-15, as compared to Rupees 31,161.04 crores in the previous year. Financial performance was impacted during the year 2014-15, due to a steep fall in prices of crude oil and petroleum products. The Refinery’s GRM for the year 2014-15 stood at USD 6.10 per barrel with an overall gross margin of Rupees 1,681 crores against the previous year’s GRM of USD 9.30 per barrel with an overall gross margin of Rupees 2,217 crores. The net loss for the year stood at 790.17 crores, as compared to Rupees 296.51 crores in the previous year.

The company has undertaken a project to increase the refinery capacity from 6 MMTPA to 7.8 MMTPA and also to meet product quality specifications as stipulated in the Auto Fuel Vision and Policy 2025 guidelines. Environmental Clearance for this project has been received from Ministry of Environment, Forest and Climate Change. M/s Engineers India Ltd. (EIL) has been engaged for process design work of open-art units including Utilities, Offsites, COT, VBPL and BDT, to facilitate BEDP of licensed units and procurement of long lead and priority items. Preparation of the process design package for licensed units is under progress.

Petronet LNG Limited (PLL)

PLL was formed in April,1998 for the imports of LNG and setting up of 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 Rupees 1,200 crores and paid up share capital of Rupees 750 crores.

PLL was promoted by four public sector companies viz. BPCL, Indian Oil Corporation Limited (IOC), Oil and Natural Gas Limited (ONGC) and Gas Authority of India Limited (GAIL). Each of the promoters holds 12.5% of the equity capital of PLL. PLL is a listed Company with the public holding 34.80% of the paid up share capital of the Company. BPCL’s equity investment in PLL currently stands at Rupees 98.75 crores. As at 31st March, 2015, PLL had net worth of Rupees 5,688.63 crores with a book value of Rupees 75.85 per share.

PLL recorded a Gross Revenue from Operations of Rupees 39,500.95 crores in the financial year ended as on 31st March, 2015 as compared to Rupees 37,747.58 crores recorded in 2013-14. The net profit for the year stood at Rupees 882.52 crores, as compared to Rupees 711.92 crores in the previous year. The EPS for the year 2014-15 amounted to Rupees 11.77, as compared to Rupees 9.49 in 2013-14. PLL has declared a dividend of Rupees 2.00 per share for the financial year 2014-15, which was the same as the previous 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 Rupees 220 crores for the project implementation of Compressed Natural Gas (CNG) supply to households and automobile sectors in Delhi.

The paid up share capital of the Company is Rupees 140 crores. BPCL has invested Rupees 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 326 CNG stations which supply environmental-friendly fuel to more than 7,73,400 vehicles. IGL has more than 5,60,000 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 is also in the process to acquire 50% of the equity held by the financial institutions in Maharashtra Natural Gas Limited. Both these companies are JVCs promoted by BPCL and GAIL.

IGL has registered a Gross Revenue from Operations of Rupees 4,058.24 crores and a profit after tax of Rupees 437.73 crores for the financial year ending as on 31st March, 2015 as compared to a turnover of Rupees 4,324.16 crores and a profit after tax of Rupees 360.26 crores in the previous year. IGL has declared a dividend of Rupees 6.00 per share, as against a dividend of Rupees 5.50 per share in the previous year. IGL’s net worth was Rupees 2,098.13 with a book value of Rupees 149.87 per share as at 31st March, 2015.

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 Rupees 100 crores for implementing the City Gas Distribution project supplying 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 Rupees 20 crores.

Both the promoters have a stake of 25% each in the equity capital of SGL and the balance has been subscribed to by financial institutions. SGL has set up 38 CNG stations. SGL has achieved a Gross Revenue from Operations of Rupees 939.77 crores and net profit of Rupees 110.84 crores for the financial year ending 31st March, 2015 against a turnover of Rupees 975.72 crores and profit of Rupees 31.15 crores in the previous year.

The Company has proposed a dividend of Rupees 2.50 per equity share for the financial year ending 31st March, 2015 against Rupees 2.00 per equity share for the last financial year ending 31st March, 2014.

Central UP Gas Limited (CUGL)

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

CUGL has achieved a Gross Revenue from Operations of Rupees 205.88 crores and net profit of Rupees 27.69 crores for the financial year ending 31st March, 2015 as compared to a Gross Revenue from Operations of Rupees 215.32 crores and a net profit of Rupees 25.07 crores in the previous year. The EPS for the year stood at Rupees 4.61 as against Rupees 4.18 in 2013-14. The Board of Directors has recommended the payment of dividend at Rupees 1.40 per share for the current year, as against Rupees 1.25 per share for the previous year.

Maharashtra Natural Gas Limited (MNGL)

MNGL was set up in January 2006 as a Joint Venture Company with GAIL for implementing 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 Rupees 100 crores. The paid up share capital of the Company is Rupees 95 crores. BPCL and GAIL have invested Rupees 22.50 crores each in MNGL’s equity capital. MIDC, as a nominee of the Maharashtra Govt., has taken 5% equity in June, 2015. The balance 50% is being acquired by IGL, our Joint Venture Company through financial institutions.

The company has set up 30 CNG stations so far.

MNGL has achieved a gross turnover of Rupees 499.57 crores for the financial year ending 31st March, 2015 and profit of Rupees 51.99 crores for the year, as against a turnover of Rupees 396.17 crores and profit of Rupees 54.10 crores in the previous year. The MNGL Board has declared Rupee 0.75 per share of interim dividend during the year 2014-15 as against Rupees 1.12 per share declared in the previous 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 fuelling services at the new Bengaluru International Airport. The authorised and paid up share capital of BSSPL is Rupees 20 crores.

The two promoters have each subscribed to 50% of the equity share capital of BSSPL and BPCL’s present investment stands at Rupees 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 has achieved a turnover of Rupees 17.15 crores for financial year ending 31st March, 2015 and profit of Rupees 2.01 crores, as against a turnover of Rupees 12.99 crores and profit of Rupees 2.22 crores in the previous year. The Board has recommended a dividend of Rupee 0.25 per equity share for the financial year ending 31st March, 2015, same as the previous year.

BSSPL is presently providing into-plane services at 4 airports including Bengaluru, Mumbai and Delhi T1 Airport. It has also taken over the operatorship of 2 AFS’ of BPCL.

Bharat Renewable Energy Limited (BREL)

BREL was incorporated on 17th June, 2008 for undertaking 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.

The Company has been promoted by BPCL in association 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 BPCL has filed a winding up petition in Court.

Matrix Bharat Pte Limited (MBPL)

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

The Company has been promoted by BPCL and Matrix Marine Fuels LP USA, an affiliate of the Mabanaft group of companies, Hamburg, Germany. The authorised capital of the Company is USD 4 million. The Company has subscribed 20 lakh shares for an equivalent sum of 8.41 crores. Both the partners have 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. The name of the Company has been changed to Matrix Bharat Pte Ltd.

MBPL has achieved revenue of USD 636.38 million and earned a profit of USD 1.62 million for the year ending 31.12.2014, as compared to a turnover of USD 837.82 million and a profit of USD 1.05 million in the previous year.

Petronet India Limited (PIL)

BPCL has 16% equity participation with an investment of Rupees 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 Rupees 1.54 crores and a net profit of Rupee 1.14 crores for the financial year ending 31st March, 2015 as against other income of Rupee 0.19 crores and a net loss of Rupee 0.06 crores in the previous year.

The new pipeline policy announced by the Government of India some time back has affected the future of the Company, as interested companies are permitted to undertake pipeline projects and PIL does not have any new projects in hand. As such, promoters and other investors in PIL have reached a conclusion that continuation of PIL would not be viable. Accordingly, the process of divesting PIL’s 26% equity in the 3 joint venture companies promoted by it is in progress. The company would be wound up thereafter.

Delhi Aviation Fuel Facility Private Limited (DAFFPL)

A Joint Venture Company, DAFFPL has been promoted by BPCL, IOC and Delhi International Airport Limited (DIAL) for the implementation of Aviation Fuel facility for the new T3 terminal at the Delhi International Airport. The authorized and paid up share capital of the Company is Rupees 170 crores and Rupees 164 crores respectively. BPCL and IOC each have subscribed to 37% of the share capital of the joint venture, while the balance has been taken by DIAL.

DAFFPL has registered a turnover of Rupees 96.04 crores and net profit of Rupees 26.58 crores for the financial year ending 31st March, 2015 as against a turnover of Rupees 99.01 crores and net profit of Rupees 30.10 crores in the previous year. The Company has proposed dividend of Rupees 1.25 per share for the financial year ending 31st March 2015, which is the same as last year.

Kannur International Airport Limited (KIAL)

The Government of Kerala has promoted KIAL as a public limited company 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, Kerala, at an estimated project cost of Rupees 1,892 crores, of which Rupees 1,000 crores will be financed through equity and the balance will be financed by way of borrowings.

The paid up share capital of the Company as at 31.3.2015 is Rupees 431.15 crores. The BPCL Board has approved an equity stake of 21.68%. Out of the total contribution sanctioned by the Board amounting to Rupees 216.80 crores, BPCL has so far paid Rupees 120 crores. The Shareholders Agreement has been signed with KIAL for this purpose. Construction of the airport is in progress and it is expected that it will be commissioned by May, 2016.

In May, 2015 BPCL has also formed a subsidiary company, "BPCL-KIAL Fuel Farm Pvt. Ltd." with KIAL for setting up a Fuel Farm at Kannur Airport with 74:26 equity ratio. The authorised capital of this Company is Rupees 18 crores.

GSPL India Transco Limited

BPCL has signed a Joint Venture Agreement in April, 2012 with Gujarat State Petronet Ltd., IOC and HPCL for the laying of a gas pipeline - Mallavaram-Bhopal-Bhilwara-Vijaipur (MBBVPL).

BPCL’s equity contribution to this project will be 11% of the total equity capital. The other JV partners are GSPL (52%), IOC (26%) and HPCL (11%). BPCL has made an initial equity contribution of 15.40 crores so far. The Company is in the process of acquiring the Right of Way.

The Company had miscellaneous income of Rupees 2.17 crores and net profit of Rupees 1.47 crores during the financial year 2014-15, as compared to income of Rupees 2.43 crores and net profit of Rupees 1.64 crores in the preceding year.

GSPL India Gasnet Limited

BPCL has signed a Joint Venture Agreement on 30th April, 2012 with Gujarat State Petronet Ltd., IOC and HPCL for laying of gas pipelines to Mehsana-Bhatinda (MBPL) and Bhatinda-Jammu-Srinagar (BJSPL).

BPCL’s equity contribution to this project will be 11% of the total equity capital. The other JV partners are GSPL (52%), IOC (26%) and HPCL (11%). BPCL has made an equity contribution of Rupees 20.57 crores so far. The company had miscellaneous income of Rupees 1.89 crores and net profit of Rupees 1.28 crores during the financial year 2014-15 and income of Rupees 2.34 crores and profit of Rupees 1.58 crores during the previous year.

Mumbai Aviation Fuel Farm Facility Private Limited (MAFFFPL)

BPCL has signed a Joint Venture Agreement with IOC, HPCL and Mumbai International Airport Limited (MIAL) for implementing and managing fuel farm facilities at Mumbai Airport. MAFFFPL, a Joint Venture Company was formed with equal participation of 25% each.

BPCL has invested an amount of Rupees 36.47 crores towards equity so far. MAFFPL has registered a turnover of Rupees 19.77 crores and net loss of Rupees 11.01 crores for the financial year ending 31st March, 2015.

Kochi Salem Pipeline Private Limited (KSPPL)

BPCL has signed a Joint Venture Agreement with IOC (Indian Oil Corporation)  for implementation of the Kochi-Coimbatore-Salem LPG pipelines project. KSPPL was formed as a Joint Venture Company, in January 2015 on a 50:50 shareholding basis. Presently, BPCL has paid an amount of Rupees 6.75 crores as advance against equity to the Joint Venture Company.