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Cabinet approves BPCL stake sale

December 02/2019

MOSCOW (MRC) -- The union cabinet chaired by Prime Minister Narendra Modi has approved the sale of the government's entire 53.29 per cent stake in oil refiner and retailer Bharat petroleum Corporation (BPCL), reported EnergyWorld with reference to Finance Minister Nirmala Sitharaman's statement after a cabinet meeting.

"The strategic disinvestment of BPCL, of the Government of Indias shareholding of 53.29 per cent, along with transfer of certain management control to strategic buyer is approved. The entire management control will be transferred. However, this is excluding BPCLs equity shareholding of 61 per cent it holds in Numaligarh Refinery Ltd," Sitharaman said.

She said a "carve out" has been made of NRL in Assam that shall not be disinvested and NRL will be moved out of BPCL before the disinvestment and acquired by another PSU.

Sitharaman had said in an interview last week the government would wrap up the sale of the fuel retailer by March 2020.

As MRC wrote before, in August 2019, Sumitomo Chemical signed an agreement with Bharat Petroleum Corporation Limited (BPCL) of India for licensing its propylene oxide (PO) production technology in connection with the petrochemical project which BPCL is conducting.

BPCL is one of the leading government-owned oil companies in India, with a total production capacity of approximately 840,000 barrels a day of crude oil from its four refinery complexes in India. BPCL aims to enter into the petrochemicals market by carrying out a large-scale petrochemical project adjacent to its refinery complex at Kochi in the state of Kerala. The project includes construction of new plants for PO and polyols. For PO production, a decision has been made to adopt Sumitomo Chemical's proprietary technology. From now on, BPCL will conduct front-end engineering design and detailed engineering for the new PO plant, which will have an annual production capacity of 300,000 tons upon its completion targeted in 2022.

Propylene is a feedstock for the production of polypropylene (PP)/

According to MRC's ScanPlast report, Russia's overall PP production rose to about 1,163,200 tonnes in the first ten months of 2018, up by 1.3% year on year. Three producers out of seven reduced the capacity utilisation.


mrcpast.com
Author:Margaret Volkova
Tags:PP, crude and gaz condensate, propylene, petrochemistry, Bharat Petroleum, India, Russia.
Category:General News
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