1

Bharat Petroleum Corporation Limited

December 2021

Investor Presentation

2

2Disclaimer

No information contained herein has been verified for truthfulness completeness, accuracy, reliability or otherwise whatsoever by anyone. While the Company will use reasonable efforts

to provide reliable information through this presentation, no representation or warranty (express or implied) of any nature is made nor is any responsibility or liability of any kind

accepted by the Company or its directors or employees, with respect to the truthfulness, completeness, accuracy or reliability or otherwise whatsoever of any information, projection,

representation or warranty (expressed or implied) or omissions in this presentation. Neither the Company nor anyone else accepts any liability whatsoever for any loss, howsoever,

arising from use or reliance on this presentation or its contents or otherwise arising in connection therewith.

This presentation may not be used, reproduced, copied, published, distributed, shared, transmitted or disseminated in any manner. This presentation is for information purposes only

and does not constitute an offer, invitation, solicitation or advertisement in any jurisdiction with respect to the purchase or sale of any security of BPCL and no part or all of it shall form

the basis of or be relied upon in connection with any contract, investment decision or commitment whatsoever.

The information in this presentation is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material

information concerning the Company. We do not have any obligation to, and do not intend to, update or otherwise revise any statements reflecting circumstances arising after the date

of this presentation or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition.

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1 2 3

Corporate Overview

Table of Contents

Business Overview Industry Overview

Page 4 Page 9 Page 29

4

1. Corporate Overview

5

394

3rd

1.2 Lakh

Cr

114

7thIndia’s 7th largest company by turnover

BPCL’s Market Capitalization recently touched

₹ 1.2 Lakh Cr

Ranking on Fortune 500- 2021 global list

Rank on Platt’s Top 250 Global Energy Company Rankings 2020

India’s 3rd largest in terms of RefiningCapacity (14.13 % of India’s refining capacity)

Introduction

Recipient of Oil

Marketing - Company of the

Year in 2019 by FIPI

Balanced portfolio with Strategically located

Refineries and Marketing InfrastructureThe Govt. of India conferred BPCL with

“MAHARATNA” status in Sep 2017

2nd

India’s 2nd largest Oil Marketing Company(OMC) with standalone domestic sales volume ofover 38.74 MMT and Market share of 23% duringFY21

6

BPCL 5 Year Key Physical Indicators

REFINING CAPACITY

(MMT)

MARKET SALES (MMT) Market Capitalization

(INR billion)

Market Capitalization figures as on period end

India’s Leading Oil and Gas Company with presence across the Hydrocarbon Value Chain

37.68

41.21

43.07 43.10

38.74

FY17 FY18 FY19 FY20 FY21

927.25

833.65

685.05

928.33

836.14

FY18 FY19 FY20 FY21 Q3FY22

36.50

38.30 38.30 38.30

35.30

FY18 FY19 FY20 FY21 FY22

7

Journey of last 15 years

KR merged with BPCL BPRL formed

1976 Nationalization of

Burmah Shell- BPCL

2006 2016 2017 20182011 2021

2021

2020

2019

2016

2011

2006

REVENUE PAT*

(₹ Cr)

86223 704

166039 1742

188651 8643

340879 7355

329797 4254

304266 16045

Commissioned Bharat Oman Refineries Ltd. (BORL)

Kochi Refinery Expansion (IREP) Commissioned

BORL expansion to 7.8 MMTPA

Petrochemcial Project (PDPP),NRL disinvested, BORL becomes 100% Subsidiary

CAGR (2006-2021)Revenue : > 9%PAT : > 23%Market Cap: > 13%

Upstream Investments in Russia

Maharatna

2017

*Incl. Minority Interest

CONSOLIDATED

BPCL Evolution

8

Subsidiaries Joint Ventures & Associates

Upstream Refining LNGCity Gas

Distribution

Bharat

PetroResources

Limited

PipelinesAviation

Services

Indraprastha Gas

Limited

Central UP Gas

Limited

Maharashtra

Natural Gas Limited

Sabarmati Gas

Limited

100.00%

Petronet LNG

Limited

Kochi Salem

Pipeline Pvt.

Limited

Bharat Stars

Services Pvt

Limited

Delhi Aviation Fuel

Facility (P) Limited

100.00%22.50%

22.50%

49.94%

50.00% 50.00%

Trading Activities &

Others

Matrix Bharat Pte

Limited

12.50% 50.00%

GSPL India Transco

GSPL India Gasnet

Kannur

International Airport

Ltd.

16.20%

11.00%

11.00%

Mumbai Aviation

Fuel Facility (P)

Limited

25.00%

25.00% 37.00%

Haridwar Natural

Gas Private Limited

50.00%

Goa Natural Gas

Pvt. Ltd.

50.00%

Fintech

FINO Paytech Ltd

Gas

Bharat Gas

Resources Limited

100.00%

74.00%

20.73%

BPCL-KIAL Fuel

Farm Facility Pvt.

Ltd.

IHB Pvt. Ltd.

25.00%

Bharat Oman

Refineries Limited

• Entire Equity stake in NRL has been

disinvested on 26th March 2021

• BORL has become Wholly-Owned

Subsidiary w.e.f. 30th Jun 2021

Major Subsidiaries, JVs & Associates

Refining

Ratnagiri Refinery &

Petrochemicals

Limited

25.00%

PETRONET CI

LIMITED

11.00%

PETRONET INDIA

LIMITED (PIL)

16.00%

Bharat Renewable

Energy Limited

Ujjwala Plus

Foundation

33.3%

25.00%

Major Subsidiaries, JVs & Associates

9

2. Business Overview

10

6 CountriesRussia, Brazil, Mozambique, UAE,

Indonesia, India

19 Blocks +15 Global PartnersTotal, ENI, ONGC, Rosneft, Mitsui, OIL,

BP, ADNOC, Petrobras etc.

Strategically located

82 Retail

Depots

937 kmVadinar-Bina Crude oil pipeline

35.30 MMTRefining Capacity

SBMat Vadinar and Kochi

2597 Km Specific & Multi

Product Pipeline Network

21.35 MMTPA Design

capacity of Pipeline Network

Marketing

Infrastructure

Distribution

Network

Pipeline

Network

Refining

Infrastructure

Upstream

Presence

Refining

Storage

Distribution

Marketing

Refining

E&P

Along with Equity Stake

in 2 Russian Entities

54 LPG

Bottling Plants

57 Aviation

Service Stations

4 Lube

blending plants

38 Geographical

Areas incl. JVs

3 Refineries

~19,668 Retail Outlets ~6,191 LPG Distributors

Up

str

ea

mM

ids

tre

am

&

Do

wn

str

ea

m

Asset Portfolio

STRATEGIC BUSINESS

UNITS 9 Subsidiaries & JV 26 EMPLOYEES 8,733

11

Diversified Product Offering and Presence Across Value Chain

Retail

26.07% market

share1

~19,668 retail outlets

82 depots

/installations

Pan India presence

across products

Pioneer in branded

retail outlets,

branded fuels ex:

Speed

Industrial/

Commercial

Currently 8,000+

customers

Reliable,

innovative and

caring supplier of

I&C products

Pioneer in IT

integration and

Supply Chain

Management

Lubricants

25.41% market

share1

Currently 18,000+

customers

More than 400+

grades of products

Major OEM tie ups

such as Hero

Motocorp., Honda,

Motor, TVS, Godrej

etc.

Product

customization

LPG

26.87% market

share1

Currently over

6191 distributors

54 LPG bottling

plants

Various Innovative

offerings with

ventures in allied

business

Current Domestic

customer base 8.80

Crores

Aviation

20.61% market

share1 in ATF

57 Aviation service

stations

Present at all the

major gateways

and airports for into

plane services

Fuel Farm

Operations through

MAFFFL and

DAFFL

AviationRefinery

Refining capacity of

35.3 MMTPA

14.13% of the

country’s refining

capacity2

Strategically

located refineries

Three refineries in

Mumbai, Kochi,

and Bina

Gas

55+ major LNG

customers

Emerging Markets

100% subsidiary

BGRL for focus on

Gas business

Interest in 38 GAs

1.Market share includes sale by PSU as well as private oil marketing companies. For Lubricants it represents on PSUs share. All figures for Apr-Dec 2021.

2.Source : Total Refining capacity from Ministry of Petroleum and Natural Gas, PPAC

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Refining Coverage

Kochi Refinery

Mumbai Refinery

BORL

Installed Capacity

Mumbai – 12 MMTPA

BORL – 7.8 MMTPA

Kochi – 15.5 MMTPA

Refining Throughput

Refining Capacity

Bina Refinery throughput is considered 63.38% in FY 21

NRL stake has been divested on 26th March 2021

Three Strategically located

refineries across India

Refinery Utilization rates

above name-plate

capacities

937-km cross country

pipeline to source crude to

BORL

Flexibility to process low &

high sulphur Crude

100% Marketing Rights for NRL (3.5 MMTPA)

31.25* 34.70*

36.76*38.29*

11.7914.25 16.23 16.77

13.35

13.6014.29

14.78 15.14

13.05

2.68

2.812.90 2.38

2.663.18

3.352.85 4.00

3.92

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

FY17 FY18 FY19 FY20 FY21

Kochi Mumbai Numaligarh Bina

32.98*100% Mktgrights for NRL

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Mumbai Refinery- MR

Commissioned in 1955 with processing capacity of 2.2 MMTPA

now augmented to 12 MMTPA.

Consistently, refining throughput exceeds designed capacity

Connected with MMBPL multi product pipeline from Mumbai to

Delhi designed to evacuate 6 MMTPA of petroleum products

Lowest SOX emission refinery of country (< 10 T/d)

Ongoing Projects- Marine Oil Terminal Revamp, Lubricating Oil

Base Stock Revamp, Reformer Feed Unit Revamp, Kerosene

Hydro Treating Unit

Commissioned new Jetty (JD-5), can receive crude fully loaded

SuezMax Vessel

• 12 MMTPA Capacity

• Nelson Index 8.72

• API Range: 32 to 48

• Lubes refinery

• Hydrocracker & 2 FCCUs

MR is one of the most versatile refineries in India with state of the art monitoring tools covering entire functions of refinery

14

Kochi Refinery- KR

Started its journey in 1966 with capacity of 50,000 bbl per day

and currently largest PSU Refinery

Equipped to receive crude oil in Very Large Crude Carriers (VLCCs)

with SPM (Single Point Mooring)

A 300 km long pipeline connects the refinery to various

consumption points in Tamil Nadu

Ability to swing between MS & HSD based on demand

Recently Commissioned Petrochemicals Unit which produces

Niche Propylene Derivatives

• 15.5 MMTPA Capacity

• Nelson Index 11.25

• API Range: 28 to 45

• Petrochemical FCCU & FCCU

• Delayed Coker unit for bottom upgradation

KR to meet fuel demand of the Indian Market and create synergy for diversification into petrochemical products

15

BORL

Bharat Oman Refineries Limited (BORL) – 7.8 MMT Refining capacity at

BINA

State of art technologies - High Nelson Complexity Index 11.76

Associated Facilities – SPM, Crude Oil Terminal, 937-km cross country

crude oil pipeline from Vadinar to Bina (VBPL)

Bina Kota Pipeline for evacuation of products

Low cost capacity expansion from 6 MMTPA to 7.8 MMTPA

BPCL has acquired remaining 36.62% equity stake from OQ S.A.O.C.

and has become 100% subsidiary w.e.f. 30th June 2021.

• API Range: 28 to 60

• Hydrocracker

• Delayed Coker unit for bottom upgradation

Bina refinery to consolidate refining portfolio required to support downstream retailing market in Northern and Central India

16

Marketing Operations and Efficiencies

SBU Market Sales (MMT)

Leading Player with a Diversified product portfolio and a well-established Marketing and Distribution network

Retail Market Share MS & HSD*

MS - 28.67%

HSD- 29.12%

*Market share is PSU Market share on Apr-Mar 21

37.68 41.21

LPG Bottling Capacity (TMTPA)

Thru’put per Outlet BPC Vs. Industry

(KL/month)

43.07

5.45 5.99 6.49 6.87 7.31.55

1.79 1.99 2.01 0.85.14

6.51 7.05 6.95 6.080.29 0.32 0.24 0.30

0.37

25.25 26.60

27.30 26.97 24.19

-

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

FY17 FY18 FY19 FY20 FY21

LPG Aviation Direct Lubes Retail

43.103687

3957 42124590 4890

0

1000

2000

3000

4000

5000

6000

FY17 FY18 FY19 FY20 FY21

38.74

134

119 122 122

110

115

120

125

130

135

140

BPC IOC HPC Industry

Apr-Dec 21

17

Strategic Pipelines Network

• Most optimized and efficient pipelinesnetwork with highest pipeline utilization inthe PSUs

• 3534 km long pipeline infrastructure(2597km- product + 937 km Crude Oilpipelines) with 30.8 MMT capacity(23MMT- Product + 7.8 Crude)

• Additionally, 100% access to Numaligarh –Siliguri product pipeline for evacuating NRLproduction

18

Retail Infrastructure: Coastal terminal at Krishnapatnam and Jammu Installation(₹ 12.57 Bn)

Kochi – Diversification into Niche Petrochemicals PDPP Project- Acrylic

Acid, Oxoalcohol, Acrylates (₹ 62.85 Bn)

(Commissioned)

Kochi Refinery – MS Block Project for

BS VI grade gasoline and Maximization of Naptha to

gasoline (₹ 32.89 Bn) (Commissioned)

Bina Kanpur Product Pipeline(₹ 12.24 Bn)(Commissioned)

Ongoing Projects

Augmentation of LPG Cryogenic Facilities at Uran (₹ 12.31 Bn)

2G ethanol refinery at BargarhOdisha(₹ 16.07 Bn)

19

Investments in Mozambique – FID sanctioned. Project Financing agreement signed.

Expansion of marketing infrastructure across all business verticals

Marketing Infrastructure & other facilities at Rasayani near Mumbai

Cross country LPG pipeline from Kandla to Gorakhpur through a JV

Petrochemical Project at Kochi

BPCL has been awarded 11 GAs in 9th round and 2 GAs in 10th round of bidding

Upcoming Projects

UPSTREAM

INVESTMENTS IN GAS

MARKETING INFRASTRUCTURE

PIPELINES

RASAYANI

PETROCHEMICALS

Capex expenditure of INR 93.46 Bn in Apr-Dec 22 (Incl. investment in Subsidiaries/JVs)

20

41.52 30.27 26.51

15.69

8.93 9.70

50.04

48.65

32.90

-

12.90

2.31 6.00

5.41

1.08 5.29

12.58

-

20.00

40.00

60.00

80.00

100.00

120.00

Actual - FY20 Actual - FY21 Budgeted - FY22

INR

Bill

ion

Refineries Petrochemicals Marketing Investments in Exploration Investments in Gas Others

BPCL EvolutionCAPEX Strategy

Significant Expansion in Upstream and Downstream business to drive future growth

110.64 100110.64

21

Financial Performance

NET WORTH (INR Billion) PROFIT AFTER TAX (INR Billion) CAPITAL EMPLOYED (INR Billion)

Financial Ratios FY19 FY 20 FY 21 Q3 FY 22

Total Debt-Equity 0.79 1.26 0.48 0.50

Net Profit Margin Ratio 2.12 0.82 6.33 2.08

Basic Earnings per Share (Rs.) 36.26 13.64 96.44 11.56

Stable Earnings and Sound Financial Leverage driving Credit Strength

341 367

332

545

580

648

773 778

0

100

200

300

400

500

600

700

800

900

-

100

200

300

400

500

600

FY18 FY19 FY20 FY21

INR

BN

INR

BN

Networth Capital Employed

341.31 367.38

332.14

545.44

FY18 FY19 FY 20 FY 21

79.76 71.32

26.83

190.42

FY18 FY19 FY20 FY21

22

BPCL R&D Innovative Solutions

Operational Excellence

Process Design / Process Intensification

Polymers & Petrochemicals

Cost efficient and Innovative Products

Bio-fuels / Environment

• K Model• BPMARRK®• WDP• BMCG 2nd GEN

• Ecochem: ethanol corrosion inhibitor• HiCAT: dewaxing catalyst• GSR CAT: Sulfur reduction catalyst• High performance LPG burner

• Crude oil evaluation• Modeling & Simulation• Corrosion & fouling

• Advanced analytical support• Optimal catalyst selection• Solar Energy

• Divided Wall Column• HiGee Separations• Cross flow reactor

• Low grade energy utilization• Delayed coking• H2 separation through membrane

• SAP / Agri-SAP• Polyols• Methacrylic acid

• Novel catalysts• Biphenyl process

• Bioremediation• Bio-ethanol process• Bio-butanol process

• Efficient cellulose enzyme complex• Waste plastic road• Refinery sludge valorization

65

28

65

42

Filed Granted

Indian Foreign

130

70

Patents

Over 200Research Articles

5Book Chapters

2323

1998

• Entry into Gas business through IGL (JV of GAIL & BPCL)

• Entered JV to form Petronet LNG

2004

• Foray into Bulk Gas Marketing with Commissioning of PLL’s LNG Terminal at Dahej (GJ).

2018

• Formation of Wholly owned subsidiary-BGRL for better focus on gas business

• Bagged 11 GAs in 9th Round

2019

• 2 more GAs rewarded in FY19 in the 10th Round

Supply• LNG supply security:

• Long term tie ups of 0.85 MMTPA valid till 2028 at Dahej• 0.56 MMTPA valid till 2036 at Kochi• 1 MMTPA LNG tied up from Mozambique starting 2024 for

15 years.• Also, Short Term /Spot volumes ranging from 0.80 to 1.0 MMTPA

are tied up based on demand.

City Gas Distribution• 38 Geographical Areas (GAs) which it operates either

as wholly-owned or through JVs with other companies.

• CNG and PNG commissioned in various locations in Maharashtra, UP, HP, Punjab and Haryana

Gas Business

• Liquefied-CNG Pilot Project at Aurangabad, Maharashtra (commissioned in March, 2021)

Completed Project

24

BPCL EvolutionBPRL’s Upstream Story over the years… Story over the years…….

Formation of E&P setup in BPCL

Formation

of BPRL

Brazil

& Mozambique

acquisition

Indonesia

entry

2003

2006

2008

2010

2009

2012

2013

2016

Shale gas

entry Australia

Lead

operator

Schedule B

2017

Russian

Acquisition

Declaration of

Commerciality

approved in

Operatorship

block

2018

Entry in Lower

Zakum

2019

Overseas

Onshore

Operatorship

– Abu Dhabi

25

Upstream - Global Spread

2.5 MMToE eqv. production Presence in 4 continents, 6 countries

India

4 Cauvery Basin*

1 Rajasthan Basin

3 Cambay Basin**

2 Assam-Arakan

UAE1 Lower Zakum

1 Onshore 1

Brazil

2 BM-SEAL-11

1 BM-C-30

2 BM-POT-16

Mozambique 1 Area 1

Indonesia 1 Nunukan

Russia2 TYNGD2 Vankorneft

Production

Development

Exploration / Appraisal

BPCL pursues its Upstream Business through its wholly owned Subsidiary Company –Bharat Petroresources Limited

* 1 block in in Cauvery Basin is in Production, the rest arein Exploration / Development / under relinquishment** 1 block in Cambay Basin in in Development, the rest isin Exploration / under relinquishment

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Within India

Indonesia

Block OperatorBPCL

Stake

Other

Partners

NELP—IV

CY/ONN/2002/2 ONGC 40.0% ONGC

NELP—VI

CY/ONN/2004/2 ONGC 20.0% ONGC

NELP—VII

RJ/ONN/2005/1 HOEC 33.33% IMC

NELP—IX

CB/ONN/2010/11 GAIL 25.0%EIL, BIFL,

MIEL

AA/ONN/2010/3 OIL 20.0% ONGC

CB-ONN-2010/8 BPRL 25.0%EIL, BIFL,

MIEL

DSF

CY/ONDSF/KARAIKAL/2

016BPRL 100% -

OALP

CB-ONHP-2017/9 BPRL 60% ONGC

CY-ONHP-2017/1 ONGC 40% -

AA-ONHP-2017/12 OIL 10% IOCL, NRL

Exploration Block OperatorBPCL

Stake

Other

Partners

Nunukan PSC Pertamina 16.2%

Brazil

Block OperatorBPCL

Stake

Other

Partners

BM-SEAL-11

(2 blocks)Petrobras 20.0% IBV

BM-C-30

(1 block)Petro Rio 17.85% IBV

BM-POT-16

(2 blocks)Petrobras 10.0%

IBV,

Petrogal, BP

Mozambique

Block OperatorBPCL

Stake

Other

Partners

Mozambique

Rovuma BasinTotal 10.0%

PTTEP,

Mitsui, ENH,

OVRL,

BREML

Russia

Block OperatorBPCL

StakePartners

Vankorneft

(2 licenses)Vostok Oil

7.887

%VIPL, ONGC

TYNGD(2 licenses)

Rosneft9.867

%BP, TIPL

United Arab Emirates

Block OperatorBPCL

StakeOther Partners

Lower Zakum ADNOC 3%CNPC, INPEX, ENI,

Total

Onshore 1Urja

Bharat50%

Global Upstream FootprintPartnership with established Oil and Gas operators expected to generate optimal returns for BPCL.

27

~1.75 MMT Petchem

Capacity generation for

petchem products

Investment of ₹ 38000 Cr

De-risking Refineries, Reduce

Imports

Increasing Non-fuel online +

in-shop commerce business

to 10k+ sites,

Generating

₹1000 Cr EBIT

1 GW Green Energy

Capacity(Solar) up from

present 43 MW

Growing Bio-fuels portfolio

(especially 1G Ethanol)

₹777 Cr EBIT

More than Tripling footprint

in GAS up from 2.1 to 7.5

MMTPA.

₹2.9K Crs EBIT

Contribution from Gas

Strategic Aspirations 2022-27

Digital Transformation improving customer ease of

living; operational efficiencies

& competitive edge.

delivering ₹1k+ Cr gross

benefits in 5 yrs

Mozambique, Brazil,

Russia, UAEContinued presence

7000 ‘Energy Stations’

Dispensing MS, HSD, CNG,

Flexi fuels, Electric, Hydrogen

R&D focus areasPetchem, Biofuels,

Renewables, Hydrogen, EVs,

Engine studies

28

Awards & Recognition

BS VI & IMO Compliant Refinery

Flexibility to process low & high sulphur Crude

Consistently, refining throughput exceeds designed capacity

Ongoing Projects- PDPP, MSBP, Polyols, HTPL

GRM of $5.6/bbl during FY 20 and $9.8/bbl during FY19

1. PRSI: Public Relations Society of India2. Federation of Indian Petroleum Industry- *Best Project Management Company 2018*3. Golden Peacock (Institute of Directors) awarded BPCL *Excellent Corporate Governance 2018*

Thank you!

Among top 20 Global Oil and Gas refining and marketing Cos

Oil Marketing - Company of the Year 2019

Sustainability Award for the Best Green Product Petrochemicalsector 2019

Winner under Process Innovation Leadership Awards -Frost & Sullivan PERP 2019

Digital PSU Award at the 7th PSU awards- Governance Now

Integrated Refinery Expansion Project – the Top Refining Project ofthe Year 2019- Hydrocarbon Processing journal.

Thank you!

29

3. Industry Overview

30

BPCL EvolutionIndia – Attractive Industry Dynamics

Significant potential for domestic O&G companies given low per-capita oil consumption

Oil: Consumption in thousands

of barrels per day*

Indian Oil Demand

Million Tonnes

Source: BP Statistical Review of World Energy 2021 Source: PPAC

21.8

23.8

26.2

28.3

30.0

28.0

74.6

76.0

81.1

83.5

82.6

72.7

19.6

21.6

23.3

24.9

26.3

27.6

FY 16

FY 17

FY 18

FY 19

FY 20

FY 21

LPG Diesel Petrol

5148

19475

2438

2270

1531

1031

14005

1401

4669

17178

2323

2045

1192

890

14225

1332

0 5000 10000 15000 20000

India

US

Brazil

Germany

UK

Australia

China

Singapore

2020 2019

31

BPCL EvolutionIndian Oil Industry

Strategic position in the Indian economy with way to deregulation of fuel sector in the country

Positive Policy actions

• Petrol Prices De-regulated completely

• Gasoil (Retail) – Deregulation announced effective 19th October

2014

• Gasoil – Bulk sales completely deregulated since January 2013

• Restricted supply/Targeted subsidies for cooking fuel products

• LPG DBTL scheme - Domestic LPG fully enrolled

• SKO PDS DBTK scheme – launched on pilot basis in 4 districts

and now implemented in the state of Jharkhand

• Govt. has consistently compensated OMCs including BPCL for

under recoveries and ensured reasonable profitability

32

BPCL Evolution

Thank You