Corporate File

Key milestones of an oil major BPCL

| Updated on March 29, 2021

1928 — Asiatic Petroleum (India) joined hands with Burmah Oil Company and formed the Burmah-Shell Oil Storage and Distributing Company of India Ltd.

1952 — Burmah Shell Refineries Ltd was incorporated as a private limited company under the Indian Companies Act.

1976 — Burmah-Shell Oil Storage and Distributing Company of India Ltd was taken over by the Government of India and became Bharat Refineries Ltd.

1997 — On August 1, it was renamed Bharat Petroleum Corporation Ltd and got a dynamic yin-and-yang logo.

1992 — In January/ February, the government divested 20 per cent of BPCL’s equity shares to financial institutions, mutual funds and banks, followed by another 5 per cent in October and a further 5 per cent in December.

1993 — BPCL entered into its first joint venture with Shell Overseas Investments BV of Holland to form Bharat Shell Ltd, to market Shell lubricants and LPG.

1993 — BPCL signed a JV with Oman Oil Co to launch Bharat Oman Refineries Ltd for setting up a 6-MMTPA refinery in Bina, Madhya Pradesh.

1994 — Government of India divested 3.8 per cent of BPCL’s equity shares to employees.

1995 — BPCL was declared a ‘Schedule A’ company.

2001 — BPCL acquired the government’s holding (55.04 per cent) in Kochi Refineries Ltd. KRL has a 7.5-MMT refinery.

2003 — The government attempted to privatise BPCL. But following a petition, the Supreme Court restrained it without Parliament approval.

2006 — Formal merger of KRL, the erstwhile subsidiary company, with BPCL.

2006 — A wholly-owned subsidiary company, Bharat PetroResources Ltd (BPRL), formed with an authorised capital of ₹1,000 crore for carrying out exploration- and production-related activities.

2017 — BPCL received Maharatna status.

2019 — On November 21, the government approved privatisation of BPCL.

2020 — The government invited bids for the sale of its 52.98 per cent stake in the company.

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Published on March 28, 2021
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