Bharat Petroleum

Bharat Petroleum Corporation Limited
Public
Traded as BSE: 500547
NSE: BPCL
Industry Oil and gas
Headquarters Mumbai, Maharashtra, India
Key people
 D Rajkumar
(Chairman& MD)[1]
Products Petroleum, natural gas, and other petrochemicals
Revenue Increase ₹244,648.50 crore (US$34 billion) (2017)[1]
Increase ₹11,042.79 crore (US$1.5 billion) (2017)[1]
Increase ₹8,039.30 crore (US$1.1 billion) (2017)[1]
Total assets Increase ₹91,989.63 crore (US$13 billion) (2017)[1]
Owner Government of India (54.93%)
Number of employees
 12,567 (2017)[1]
Website www.bharatpetroleum.com

Bharat Petroleum Corporation Limited (BPCL) is a Government of India controlled Maharatna[2] oil and gas company headquartered in Mumbai,Maharashtra.The Corportion operates two large refineries of the country located in Mumbai and Kochi.[3] The company is India's 2nd largest downstream oil company and is ranked 342nd on the Fortune list of the world's biggest corporations as of 2016.[4]

History

1891 to 1976

The company today known as BPCL started off as Rangoon oil company and thereafter Burmah Oil, an oil exploration company set up to explore the new discoveries off Assam and Burma during the British colonial rule of India. In 1889 during vast industrial development, an important player in the South Asian market was the Burmah Oil Company. Though incorporated in Scotland in 1886, the company grew out of the enterprises of the Chef Rohit Oil Company, which had been formed in 1871 to refine crude oil produced from primitive hand dug wells in Upper Burma.

In 1928, Asiatic Petroleum Company (India) started cooperation with Burma oil company. Asiatic Petroleum was a joint venture of Royal Dutch, Shell and Rothschilds formed to address the monopoly of John D Rockefeller's Standard Oil, which also operated in India as Esso. This alliance led to the formation of Burmah-Shell Oil Storage and Distributing Company of India Limited. Burmah Shell began its operate operations with import and marketing of Kerosene.[5]

In the mid 1950s, the company began to sell LPG cyclinders to homes in India and further expanded its delivery network. It also marketed kerosene, diesel and petrol in cans in order to reach remote parts of India. In 1951, the Burmah shell began to build a refinery in Trombay (Mahul, Maharashtra) under an agreement with the Government of India.

Post 1976

In 1976, the company was nationalized under the Act on the Nationalisation of Foreign Oil companies ESSO (1974), Burma Shell (1976) and Caltex (1977).[6] On 24 January 1976, the Burmah Shell was taken over by the Government of India to form Bharat Refineries Limited. On 1 August 1977, it was renamed Bharat Petroleum Corporation Limited. It was also the first refinery to process newly found indigenous crude Bombay High.

BPCL petrol filling station near Nakirekal, Telangana, India

In 2003, the government attempted to further privatize the company. However, following a petition by the Centre for Public Interest Litigation, the Supreme Court restrained the Central government from privatizing Hindustan Petroleum and Bharat Petroleum without the approval of Parliament.[7] As counsel for the CPIL, Rajinder Sachar and Prashant Bhushan said that the only way to disinvest in the companies would be to repeal or amend the Acts by which they were nationalized in the 1970s.[8] As a result, the government would need a majority in both houses to push through any privatization.[9]

In 2017, Bharat Petroleum Corporation Limited (BPCL) received Maharatna status, a term used to describe government owned entities in India with the largest market capitalization and consistently high profits.[10] status on 12.09.2017

Operations

Bharat Petroleum operates the following refineries:

The company business is divided in seven SBUs( Strategic Business Units), like Retail, Lubricants, Aviation, Refinery, Gas, I&C and LPG.

They have popular Loyalty Program like Petrocard, Smartfleet.

Ownership

As of September 2018, 54% of the shares of BPCL were owned by the Government of India (through the President of India), with the rest owned by Foreign Portfolio Investors (17%), BPCL trust for investing in shares (9%), Mutual funds and UTI (7.5 %), Insurance companies (6%) and the balance held by individual share holders.[13]

See also

References

  1. 1 2 3 4 5 6 "Annual Report 2016-17" (PDF). Bharat Petroleum. 30 October 2017. Retrieved 30 October 2017.
  2. ↑ http://economictimes.indiatimes.com/markets/stocks/news/bpcl-gets-maharatna-status-shares-rise-over-2/articleshow/60473782.cms
  3. ↑ "About BPCL - our journey". BPCL Official website. BPCL. Retrieved 11 October 2018.
  4. ↑ "Fortune Global 500 list". CNN Money. Retrieved 22 July 2016.
  5. ↑ "The history and journey of BPCL". BPCL. Retrieved 11 October 2018.
  6. ↑ "SC stays disinvestment in HPCL, BPCL". The Tribune. 17 September 2003. Retrieved 11 October 2018.
  7. ↑ SAMANWAYA RAUTRAY AND PHEROZE L. VINCENT (March 4, 2011). "Feather in cap for graft fighters". The Telegraph. Retrieved 2012-04-26.
  8. ↑ Ramakrishna, G. V. (2004). Two Score and Ten: My Experiences in Government. Academic Foundation. p. 301. ISBN 8171883397.
  9. ↑ Gopal Ganesh (2008). Privatisation And Labour Restructuring. Academic Foundation. p. 136. ISBN 8171886345.
  10. ↑ http://economictimes.indiatimes.com/markets/stocks/news/bpcl-gets-maharatna-status-shares-rise-over-2/articleshow/60473782.cms
  11. ↑ http://www.bharatpetroleum.in/EnergisingEnvironment/MumbaiRefinery.aspx?id=3
  12. ↑ http://www.thehindubusinessline.com/news/national/integrated-expansion-project-boosts-bpclkochi-refinery/article9677392.ece
  13. ↑ "Shareholding pattern - September 2018". BPCL Official website. BPCL. Retrieved 11 October 2018.
  14. ↑ http://www.topnews.in/sonia-lay-foundation-rajiv-gandhi-petroleum-institute-rae-bareli-221339
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