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.