BPCL Privatization Put Off
Oil production is expected to reach 45,000 barrels a day soon
Petroleum Minister Hardeep Singh Puri has announced that there will be no privatisation of Bharat Petroleum Corporation Limited (BPCL), citing the company’s significant profitability. Addressing the media after taking office for his second term, Puri emphasized that BPCL has achieved higher revenue in the first three quarters than the expected amount from a potential stake sale.
The Indian government had previously planned to sell its entire 52.98% stake in BPCL, with an anticipated revenue of approximately Rs 45,000 crore for the fiscal year 2022. Initial bids for this sale were invited in March 2020. BPCL is a major player in India’s oil market, being the second-largest oil marketing company after Indian Oil Corporation, and operating refineries in Mumbai, Kochi, and Madhya Pradesh. It also has the third-largest refining capacity in India, following Reliance Industries and Indian Oil Corporation.
Additionally, Puri noted the strong performance of Oil Public Sector Undertakings (PSUs) and projected that oil production would soon reach 45,000 barrels per day.
