Untitled - Bharat Petroleum

49%, consequent to the acquisition of the share of the
erstwhile KRL. PCCKL owns the Kochi-Karur pipeline
which is a 292 km long multi-product pipeline from BPC’s
oil installation at Irimpanam near Kochi to Karur receiving
terminal along with a tap off point at Coimbatore for
transportation of MS/SKO and HSD. The pipeline
commenced commercial operations from September
2002. The volume of pumping till March, 2006 amounted
to 3.97 MMT.
As at 31 st March, 2006, PCCKL has net worth of Rs. 649.15
million with a book value of Rs. 6.49 per share. PCCKL has
registered a turnover of Rs.312.65 million and cash profit
of Rs.92.34 million for the year ended 31 st March 2006 as
against a turnover of Rs.372.26 million and a cash profit of
Rs.147.33 million in the previous year. BPC has submitted
expression of interest for acquiring PIL’s 23% interest in
PCCKL, as PIL is being wound up.
Petronet LNG Limited
Petronet LNG Limited (PLL) was set up for importing LNG
and setting up LNG terminals at Dahej and Kochi, with
facilities like jetty, storage, re-gassification etc. to supply
natural gas to various industries in the country. PLL was
promoted by four public sector companies viz BPC, IOC,
ONGC and GAIL, who contributed equally with 12.5% of the
equity. The balance 50% equity was raised over a period of
time from Gaz de France–10%, the Asian Development
Bank – 5.2% and balance 34.8% from the public, raised in
the month of March 2004. BPC’s investment of 12.5%
amounts to Rs.987.50 million. PLL has achieved financial
closure on project finance basis and converted its short
term loans of Rs.12,600 million into long term loans. As at
31 st March, 2006, PLL has net worth of Rs.10,719.46 million
with a book value of Rs. 14.29 per share. The shares of
PLL are listed on the Stock Exchange, Mumbai and
National Stock Exchange of India Ltd.
PLL has set up LNG receipt and re-gassification terminal
facilities of 5 MMTPA capacities at Dahej in Gujarat and
started commercial supplies of re-gassified LNG from this
terminal. Income from operations for the current financial
year was Rs.38,371.73 million, as compared to
Rs.19,452.65 million and a net profit of Rs.1,949 .27 million
for the current year, against a loss of Rs.284.46 million in
the previous year.
Indraprastha Gas Limited
Indraprastha Gas Limited (IGL), a JVC with GAIL, was set
up for implementing the project for supply of CNG to the
household and automobile sectors in Delhi. BPC has
invested Rs.315 million in IGL, which amounts to 22.5% of
its equity. Besides commissioning 143 CNG Stations, IGL
has laid considerable infrastructure for supply of piped
natural gas (PNG) as also connections to numerous
domestic and commercial customers. As on
31 st March 2006, IGL has provided PNG connections to
46,989 customers.
As at 31 st March, 2006, IGL has net worth of Rs. 3,786.97
million with a book value of Rs. 27.05 per share. IGL
registered a turnover of Rs.6,096.26 million for the year
2005-06, as compared to Rs.5282.28 million in the
previous year. Profit after tax for the year 2005-06 was
Rs.1061.38 million, as compared to Rs.926.85 million
during the previous year. IGL has declared a dividend
of 25% for the current year, against a dividend of 20% in
the previous year. The shares of IGL are listed on the
Stock Exchange, Mumbai and National Stock Exchange of
India Ltd.
Central UP Gas Limited
Central U.P. Gas Limited is a JVC set up in March, 2005
with GAIL as the other partner, for implementing the City
Gas Distribution project for supply of CNG to the
household, industrial and automobile sectors in Kanpur.
Subsequently, it is proposed to cover Allahabad, Bareilly
and Jhansi. This project will be implemented on the lines
of IGL. BPC’s investment in this project is expected to be
Rs.150 million, this being 22.5% share of the equity capital.
Uttar Pradesh State Industrial Development Corporation Ltd
(UPSIDC), a representative of the Government of Uttar
Pradesh, will invest up to 5% and financial institutions will
have the balance 50% in the share capital. The company
commissioned the first CNG station on 7 th April 2006.
Maharashtra Natural Gas Limited.
Maharashtra Natural Gas Limited is a JVC with GAIL,
which was incorporated on 13 th January 2006 for
implementing the City Gas Distribution project for supply of
CNG to the household and automobile sectors in the city of
Pune and adjacent areas in Maharashtra, except Mumbai,
Navi Mumbai and Thane. This project will be implemented
on the lines of IGL. BPC’s investment in this project is
expected to be Rs.225 million, being 22.5% share of the
equity participation. The Government of Maharashtra will
invest up to 5% and balance 50% will be offered to financial
institutions.
VI e Trans Private Limited
An investment of Rs.1 million, representing 33.33% of the
equity of VI e Trans Pvt Limited, was made in May 2001.
The company is engaged in providing logistic support
systems for the Indian surface industry and its users, with
the help of electronic and physical infrastructure and
web-based systems. The company registered a turnover of
Rs.30.99 million for the year ended 31 st March 2006, as
against a turnover of Rs.30.35 million in the previous
year. The company has ended the year with a loss of
Annual Report 2005-2006
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