North India Statesman
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Public sector Bharat Petroleum Corporation Limited (BPCL) has announced the results of the December quarter. The company increased by 20 percent to Rs 3,806 crore in this quarter, which was mainly due to an increase in margin. The company’s profit has also increased on a quarterly basis, as the company had registered a profit of Rs 2,297.23 crore in the July-September quarter. However, the income from operating in the third quarter was Rs 1.27 lakh crore due to fall in oil prices, which was Rs 1.3 lakh crore in the same quarter last year.
Dividend gets approval
BPCL board has approved an interim dividend of Rs 5 per share. The company set a record date on January 29, 2025 to identify eligible shareholders for dividend. Meanwhile, the company’s stock price declined on Wednesday and closed at Rs 277.70.
Partnership with SBI
BPCL has recently signed a loan agreement of Rs 31,802 crore with the Consortium under the leadership of the State Bank of India for expansion of its refinery in Bina, Madhya Pradesh and establishing a petrochemical complex. The estimated cost of the project is Rs 48,926 crore, and aims to set up a 12 million tonnes of ethylene cracker unit per year and increase the capacity of the refinery from 7.8 MMTPA to 11 MMTPA.
This expansion will help BPCL to produce Downstream Petrochemical Products such as lenier low density polyethylene (LLDPE), high density polyethylene (HDPE), polypropylene (pp) and other aromatic substances, which will reduce India’s imports. It is worth noting that BPCL is included in the list of Fortune Global 500 and is India’s second largest oil marketing company, actively engaged in crude oil refinement and marketing of petroleum products.
