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BPCL rises on entering into agreement with GAIL (India)
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Bharat Petroleum Corporation is currently trading at Rs. 360.80, up by 3.90 points or 1.09% from its previous closing of Rs. 356.90 on the BSE.
The scrip opened at Rs. 360.20 and has touched a high and low of Rs. 361.75 and Rs. 357.50 respectively. So far 38042 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 397.80 on 07-Jul-2023 and a 52 week low of Rs. 298.80 on 04-Nov-2022.
Last one week high and low of the scrip stood at Rs. 361.75 and Rs. 334.00 respectively. The current market cap of the company is Rs. 78006.33 crore.
The promoters holding in the company stood at 52.98%, while Institutions and Non-Institutions held 36.50% and 10.53% respectively.
Bharat Petroleum Corporation (BPCL) has entered into an agreement with GAIL (India) for 15 years supply commitment of Propane, a crucial petrochemical feedstock, for GAIL's PDH-PP project in Usar, Maharashtra. The 15-year supply contract, estimated at a value of over Rs 4,250 crore per annum (based on current prices), will lead to BPCL providing GAIL with 600 KTPA of Propane from its LPG import facility at Uran. GAIL's PDH-PP project in Usar, Maharashtra, is expected to commence operations in 2025.
The strategically positioned GAIL's Usar PDH-PP project in Usar, Maharashtra, represents the inception of India's inaugural propane ppdehydrogenation (PDH) plant, which is set to commence operations in 2025. The PDH unit will boast a nameplate capacity of 500 KTPA, with propylene production seamlessly integrated into a polypropylene (PP) plant of equal capacity. This pioneering venture aligns perfectly with the surging demand for polypropylene, which is projected to reach 6.3 million tons by 2025, up from 4.9 million tons in 2020.
This groundbreaking collaboration between BPCL and GAIL stands as a testament to their dedication to driving India's petrochemical progress. It is not only a significant milestone for both organizations but also a momentous leap forward for the nation's thriving petrochemical sector.
BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.
