Bharat Petroleum Corporation Limited

Investor Presentation

May 2024
 2
Disclaimer

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
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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.

2
 Table of Contents
PA G E PA G E PA G E PA G E

4 13 20 25

Corporate Strategy Performance Business Segments

Overview Overview Overview Overview
3
 SECTION 1

Corporate
Overview

4
 NURTURING THE CORE, FUTURE BIG BETS,
MOVING TOWARDS NET-ZERO, DELIVERING SHAREHOLDER RETURNS

Best-in-class refining Strong retail assets and Big bets on gas,

Sustained growth
assets and operational pioneer in marketing petrochemicals &
in profit
performance initiatives green energy

Fueling the next wave of growth with a major investment push as part of “Project Aspire”

Enabled by prudent capital allocation and disciplined project execution

5
 Introduction
Conferred with “Maharatna”* status by GoI in 2017

India’s 5th largest 233 ranking on

company by turnover Fortune 500 –
in 2023 with revenue 2023 global list
of INR 5.3 Lakh Cr
5 th 233 Recipient of Oil Marketing –
Company of the Year in 2022 by FIPI

India’s 2nd largest Oil India’s 3rd largest

Marketing Company Refining Capacity
with domestic sales (about 14% of
volume of ~51 MMT India’s refining

2 nd and market share of

25.37% during FY24 3 rd capacity
in 2023)
Received recognition as Sustainable
Organization 2023 from Economic Times

6 Note: *Maharatna is the Highest status granted by GoI to PSUs with significant global presence and strong financial performance. The status grants PSUs a greater financial autonomy, including the ability to invest up to INR 5,000 crores or 15% of their
net worth in a single project without government approval; MMT – Million Metric Tonnes, GoI – Government of India, PSU – Public Sector Undertaking, FIPI – Federation of Indian Petroleum Industry
 Our Journey

Consistent growth in
the last 15 years

Consolidated
Maharatna* Revenue PAT

2017
INR Cr
Ethylene
Our History cracker plant &
BORL Petchem 5,09,227 26,859
1928: Burmah-Shell (01.07.22) & complex at 2024
formed PDPP BGRL Bina refinery
Petchem (16.08.22) announced
BORL Project, amalgamated
1955: Mumbai refinery expansion to NRL with BPCL
inaugurated 7.8 MMTPA disinvested, 9.2% 27.2%
Kochi Refinery
Expansion BORL
CAGR
(IREP) becomes 100%
1956: Lubricant-blending Upstream (2009-2024)
Commissioned Subsidiary
plant by Burmah Shell investments in
Commissioned Russia
Bharat Oman
1976: Nationalization KR merged Refineries Ltd.
of Burmah Shell-BPCL with BPCL; (BORL)
BPRL formed

2006 2011 2016 2017 2018 2021 2022 2023

1,36,444 724
2009
7 Note: * Highest status granted by GoI to PSUs with significant global presence and strong financial performance; GoI- Government of India, ** Excluding minority Interest ; KR – Kochi Refinery, PDPP - Propylene Derivatives Petrochemicals Project, NRL
– Numaligarh Refinery Limited, BPRL – Bharat Petroresources Limited BGRL – Bharat Gas resources Limited, MMTPA – Million Metric Tonnes Per Annum, IREP - Integrated Refinery Expansion Complex
 Asset Portfolio
Refining &
Petrochemicals Assets 3 Refineries 35.3 MMT 0.33 MMT
Strategically located Refining Capacity Petrochemicals capacity

Storage
Infrastructure 80 53 4
Retail Depots LPG Bottling Plants Lube blending plants

Distribution
Pipeline 3,537 km (including 937 km Vadinar Bina Crude Pipeline) 29 MMTPA
Network Specific & Multi Product Pipeline Network including Crude Pipelines Design capacity of Pipeline Network

Marketing
Customer 21,840 6,252 2,034 52 8k+ 63*
access Retail Outlets LPG Distributors CNG outlets Gas GAs including JVs Industrial Customers Aviation Service Stations

Upstream 6 Countries 15 Blocks 12+ Global Partners

Presence Russia, Brazil, Mozambique, UAE, Indonesia, Along with Equity Stake in 2 Russian Entities TotalEnergies, ONGC, Rosneft, Mitsui, OIL,
India BP, ADNOC, Petrobras etc.

Green 253 MW 5 MW 26 CBG plants 200 KLPD

Energy Assets 77 MW operational, 176 MW under Green hydrogen plant underway planned in near term 1G+2G 100 KLPD each Bioethanol
construction in Bina refinery plants underway in Bargarh, Orissa

Digital 42 million 6500+ TKL 60000 Cr 30 Cr

Assets Annual transactions on UFill Volume through digital loyalty worth transactions through LPG bookings done through
program per year HelloBPCL per year digital/phone medium per yr

SBUs 9 SUBSIDIARIES & JV 24 EMPLOYEES 8,508

8 Note: E&P – Exploration & Production, MMTPA – Million Metric Tonnes Per Annum, MW – Mega Watts, MoU – Memorandum of Understanding, KLPD – Kilogram Liters Per Day, TPD – Tons Per Day, JV – Joint Ventures, SBUs – Strategic Business Units
* There are 4 Army Stations Khirmu, Dahung, Missamari and Rupa not added in the count as not operated by us.
 Major Subsidiaries, JVs & Associates
Subsidiaries Joint Ventures & Associates

City Gas Aviation

Upstream Pipelines LNG
Distribution Services
22.50% 50.00% 50.00% 12.50%

Kochi Salem Pipeline Bharat Stars Services

Indraprastha Gas Ltd. Petronet LNG Ltd.
Pvt. Ltd. Pvt. Ltd.
100.00%
25.00% 11.00% 37.00%
Bharat Petro Delhi Aviation Fuel
Resources Ltd. Central UP Gas Ltd. GSPL India Transco Fintech
Facility (P) Ltd.
22.50% 11.00% 16.20% 21.10%

Maharashtra Natural Kannur International

GSPL India Gasnet FINO Paytech Ltd.
Gas Ltd. Airport Ltd.
49.94% 25.00% 25.00%

Mumbai Aviation Fuel

Sabarmati Gas Ltd. IHB Pvt. Ltd. Refining
Facility (P) Ltd.
50.00% 74.00% 25.00%

Haridwar Natural Gas BPCL-KIAL Fuel Farm Ratnagiri Refinery &

Private Ltd. Facility Pvt. Ltd. Petrochemicals Ltd.
50.00%

Goa Natural Gas Pvt.

Ltd.

9 Note: Only operating JVs & associates have been included

 Our CSR Initiatives
~INR 1400+ Crores spent in last 10 years (FY15-24)

Community Environmental
Health and Skill
Education (Rural and Slum
Sanitation Development development)
Sustainability

Beneficiaries 80L+ 5L+ 42k+ 25L+ 15L+

• 70k+ beneficiaries screened • 1000+ students benefit • Skill Development Centers: • 150 Solar Streetlight • Installation of Air
across 700 cancer camps from Multiple Scholarship Kochi, Ahmedabad, Guwahati, installations in Muzaffarnagar Purification Units on 100
• 2L+ patients across 9 Programs Raebareli & Bhubaneswar • 2.7L+ beneficiaries of buses
Highlights locations treated by Life-line • Project Akshar: Enhancing • Embroidery training at integrated development • 230 Villages transformed to
Express (Hospital on Wheels) learning in language, Karauli & Faridabad activities in Gadchiroli, ‘water-positive’ status
• Providing breakfast to 3L+ science, mathematics, 4L+ • Supported set-up of ITI in Maharashtra, including water under Project Boond
students in 176 schools children impacted Nagapattinam, Tamil Nadu harvesting, school libraries

10
 BPCL Net Zero Roadmap
Our target is to achieve Scope 1 and Scope 2 net-zero emissions by 2040

% Scope 1 & 2 emission savings targeted*

9% 9% 100%
14%
19%
20%
29%

Renewable Green Energy

Bio-CNG Energy CCUS Hydrogen Efficiency Offsets Total

5.6 TPD plant at Kochi 77 MW operational, 176 Lab level pilot trials for 2 TPD pilot Green H2 Specific Energy
Refinery MW under construction SMB technology planned project at Bina Refinery Consumption (MBN):
Undertaken / in-progress

for Aug’24 under construction Mumbai (60.9), Kochi

(62.6) and Bina (65.96
LOIs issued for 382 CBG 5527 (26%) Retail 200 Nm3/hr green refineries
plants Outlets solarized Developing CO2 capture hydrogen refueling
tech based on novel station near Kochi Airport
Actions

system with Hi-Gee and 100 % Energy

8 CBG & 6 Biogas plants Dealer subsidies to
RPB Won bid under SIGHT Efficient Lighting
commissioned incentivise solarization
scheme for 2KTPA of (EEL) across Retail,
CBG sale increased from green hydrogen under Mumbai Refinery, LPG,
2600 MT to 6526 MT in FY Demo plant to scale up
biomass pathway at INR Pipelines, Aviation
23-24. CO2 to methanol/DME
30/ kg subsidy
technology
Total number of RO,
increased from 41 to 50
carrying out CBG sales

Note: *Emission savings over 2019-20 base considered; TP - Tons of CO2 per day, LOI – Letter of Intent, CBG – Compresses Biogas, CCUS – Carbon Capture Utilization and Storage, KTPA – Kilo Tonnes Per Annum, RPB – Rotating Packed Bed;
11 EEL – Energy Efficient Lighting
 SECTION 2

Strategy
Overview

12
 Our strategic framework for FY24-FY29 to fuel growth

Grow share in India’s energy mix Net-zero by 2040

1 Nurture the Core 2 Future Big Bets

Digital
A Refining B Marketing C Upstream A Gas B Petrochemicals C Green Energy D Non-fuel E
Ventures
Expansion of Bina Market leadership in Commercialization of Tripling footprint by ~2.9 MMT capacity & 10 GW RE by 2040 Convenience Store, ‘Digital energy
refinery by 3.2 MMTPA retail upstream asset base by FY29 8% product portfolio QSR in own retail ventures’ initiative to
underway moving them to share from Petchem by 30 KTPA Green outlets serve as an incubator
Brand building and production Optimal infra build-out FY29 Hydrogen by 2030 for future unicorns in
Potential to expand extensive communication in CGD GHAR, BeCafé, energy space
capacity to 45 MMTPA Achieve profitability World-scale capacity 7000 Energy Stations by wayside amenities,
with creeping expansion Premiumization focus and positive cashflow Explore acquisition of cracker in Bina FY25 – focused on across highway retail Scale up in-house
of Mumbai and Kochi across product portfolio for upstream business high opportunity GAs highways outlets breakthroughs and
refineries 400 KTPA innovations
Competitive value Expand LNG storage & Polypropylene plant in Operationalize 2G Women empowerment
Improve operational proposition around regasification infra Kochi ethanol plant at Bargarh in rural areas - “URJA
efficiency quality and customer and setup pilot SAF plant Devi”
experience Develop trading and Opportunistic
diversified sourcing expansion of PDPP in Operationalize 26 CBG
Opening new product & capabilities Kochi plants by 2030
services portfolio

Enablers
Disciplined capex execution - INR 1.7 Lakhs Crores

R&D Digital Partnerships Organization and Talent

13 Note: CGD – City Gas Distribution, GA – Geographical Area, LNG – Liquefied Natural Gas, EVCS – Electric Vehicle Charging Station, SAF – Sustainable Aviation Fuel, QSR – Quick Service Restaurant
 Strong competitive moats leading to solid outcomes (1/3)

Refineries Marketing

Outcomes
Asset capacity: 35.3 MMTPA currently, potential to expand to 45 MMTPA Highest ever domestic market sales (51.04 MMT in FY24) and market share of 25.37% amongst
PSUs
Operational excellence and high quality of assets:
Throughput per outlet: Highest (154 KL/ month) vs peers
Highest GRM (14.14 $/bbl in FY24) and Distillate yield (84.26%) amongst PSU refineries
Amongst highest capacity utilization (112% in FY24) in the industry Strong retail network of ~22k outlets, including 11k+ ROs on highways

Low energy consumption (62.9 MBN) amongst PSU Refineries Increased aviation presence with 63 AFS

Recognized as “Digitally advanced company of the year” by FIPI

Key highlights/differentiators
Continued operational excellence across all refining assets Access: Access to strategic markets via efficient logistics (pipelines, rail, retail outlet network)

Resilient Infrastructure: Brand: Strong brand value, loyalty programs (SmartFleet, PetroCard), brand ambassadors
Continuous upgradation and installation of advanced tech in refineries (Mr. Neeraj Chopra, Mr. Rahul Dravid)
Refinements to allow processing of 100+ variety of crude oil across wide API range Premiumization: New product launches with high value-addition (“Speed”, DAS, MAK
SMARTKOOL, MAK SUPREME SYNTH etc.)
Crude sourcing:
Flexibility and cost optimization with increase in spot market procurement from 30% in FY19 to 45-50% R&D: Launched new formulation for premium fuel “Speed”
currently
Customer experience: Digital customer engagement & omnichannel experience via HelloBPCL
Digital interventions: Advanced digital solutions (AI/ ML, RPA, digital twins) to enhance app
operational efficiency

14 Note: MMTPA – Million Metric Tonnes Per Annum, GRM - Gross Refining Margin, MBN - Million British Thermal Unit per Thousand barrels per Energy Factor, API - American Petroleum Institute, RPA – Robotic Process Automation, MMT – Million Metric
Tonnes, AFS – Aviation Fuelling Station, ROs – Retail Outlets
 Strong competitive moats leading to solid outcomes (2/3)

Upstream Gas

Outcomes
Diversified portfolio: Investments across 15 blocks spanning 6 countries Upward growth trajectory: 2x CGD sales volume growth in FY24

Russia, UAE and India blocks: Production of 1.78 MMT of oil and 0.85 BCM of gas in FY24 Market share: BPCL and its JVs account for 25% geographical area and 32% volume market
share in CNG
Mozambique: Plans to restart operations in 2024 with govt., working towards re-establishment
CGD JVs: INR ~ 22k Cr revenue and INR ~ 3k Cr profit across 6 CGD JVs covering 25 GAs
Brazil: Progress ongoing towards development with Petrobras across

Key highlights/differentiators
Long-term backward integration: Investments via wholly owned subsidiary, BPRL 52 GAs with BPCL and it’s JVs – 26 with BPCL, 26 with JVs
Strategic acquisitions of GAs with strong industrial growth (Ahmednagar, Aurangabad, Rohtak etc.)
Partnerships with 12+ global players including TotalEnergies, ONGC, Rosneft, Mitsui, OIL, BP,
ADNOC, Petrobras etc. Operationalized 25 out of 26 GAs

2,000+ CNG outlets network as of FY24

Supply security: ~2.89 MMTPA through long term agreements

15 Note: MMT – Million Metric Tonnes, BCM – Billion Cubic Meter, MMTPA – Million Metric Tonnes Per Annum, CGD – City Gas Distribution, JVs – Joint Ventures, GAs – Geographic Areas, CNG – Compressed Natural Gas
 Strong competitive moats leading to solid outcomes (3/3)

Petrochemicals Green Energy

Outcomes
Capacity Utilization improved from 60% in FY23 to 70% in FY24 Construction and installed capacity: 253 MW
(77 MW operationalized; 176 MW under construction)
Petrochemicals capacity: Target to increase from ~0.33 to ~2.9 MMTPA (8% share in product
portfolio) Number of Energy stations: ~3135 stations as of FY24

Green H2 capacity: 5MW in Bina refinery and 200 Nm3/hr refueling station near Kochi airport
under implementation

Biofuel ethanol blending: Highest ever blending rate of 11.7%

Key highlights/differentiators
Ethylene cracker plant and Petchem complex in Bina at ~INR 50K Crores RE: Setting up solar & wind projects for captive consumption
Tie-up with reputed tech providers
EV charging: Focus on highway corridors and MoU with private players for setting up fast
Self sufficiency for Naphtha feedstock using captive feedstock from refinery. Bina capacity expansion charging stations
from 7.8 to 11 MMTPA to meet feedstock requirements
Likely to be one of the most economic Petchem producers in Central India Green Hydrogen: Scaling up of BARC’s indigenous Alkaline electrolyser technology

16 MoU with prospective petrochemical customers for securing substantial value from Kochi PDPP Biofuels: Signed CBG offtake agreements to achieve 1% CBG blending by FY25
- Only BIS certified plant in India

Polypropylene project in Kochi at ~INR 5000 Cr

16 Note: MMTPA – Million Metric Tonnes Per Annum, Petchem – Petrochemicals, MoU – Memorandum of Understanding, PDPP - Propylene Derivatives Petrochemicals Project, BIS – Bureau of Indian Standards, MW – Mega Watts, CBG – Compressed
Bio Gas
 Capex plan of ~INR 1.7 Lakh crores

Key capex guardrails

Planned Capex CAPEX committed*

Refineries & Differentiated long term bets with measurable

75k Cr 54k Cr
Petrochemicals goals, linked to future cash flows

CGD/ Gas 25k Cr 15k Cr

Prudent capital allocation, tied to a positive
business case and returns (12-15% threshold
Upstream# 32k Cr 32k Cr**
project IRR at portfolio level)

Marketing 20k Cr 20k Cr ***

Disciplined project execution with minimal
delays
Green Energy 10k Cr 1.4k Cr

Pipeline Network 8k Cr 8k Cr Peak D/E ratio at 1.0 on a standalone basis

considering current margin levels
Total 1.7 lakh Cr 1.3 lakh Cr

Note: *Committed capex refers to Board approved amount; # Mainly Mozambique and Brazil blocks; D/E – Debt/Equity, Capex – Capital expenditure; ** USD 970 Mn (~Rs 8000 Cr) additional investment limit in Mozambique is approved by Board and
17 awaiting CCEA/GoI approvals. *** Regular Capex on Marketing Infra including maintenance capex
 Major Projects

Ethylene Cracker Project Polypropylene Project Major Pipeline

at Bina Refinery at Kochi Refinery Projects

Pipeline Capacity Investment Expected

• Ethylene cracker and downstream • Polypropylene Project with ~INR 5k Project (MMTPA) (INR Cr) Completion
petrochemical plants with ~INR 50k Crores Investment
Krishnapatnam – 2.6 1,926 September
Crores Investment – Expected to be commissioned by 2027 Hyderabad Multiproduct 2025

– Expected to be commissioned by Irugur – Devangonthi 3.5 1,725 October 2025

2028 • 400 KTPA capacity of Polypropylene Multiproduct

Piyala Terminal – Jewar 4.5 138 March 2026

– Technology vendor finalized • Wide applications in downstream Airport ATF
industries such as automobiles, pipes, Jetty pipelines –
• 2.2 MMTPA capacity of bulk petchem - 622 March 2026
packaging films, boxes, containers, replacement and extension
for Kochi Refinery
• Key products include HDPE, LLDPE etc.
Mumbai Refinery – 6.5 (Multi-product) 2,585 May 2026
and Polypropylene Rasayani Terminal 0.65 (LOBS/DAS)

Vadinar – Bina Pipeline 7.8 → 11.15 1,016 May 2028

Enhancement

18 Note: HDPE – High Density Polyethylene, LLDPE – Linear Low-Density Polyethylene, ATF – Aviation Turbine Fuel, KTPA – Kilo Tonnes Per Annum, LOBS – Lube Oil Base Stock, DAS – De-aromatized solvents
 SECTION 3

Performance
Overview

19
 Q4 FY24 - Key Highlights

Q4 FY24

INR 4,224 Cr INR 18.77k Cr 10.36 MMT $12.48/bbl 13.18 MMT

Standalone profit in Total standalone Refinery crude Refinery GRM in Q4 Market sales in
Q4 FY24 borrowings as of Q4 throughput FY24, highest among Q4 FY24
FY24 PSUs

25% more than 117% utilization 157 KL/ month

Q3 FY24 in Q4 FY24 throughput per
outlets, highest among
OMCs

20 Note: GRM – Gross Refining Margin, MMT – Million Metric Tonnes, bbl – barrel, OMC – Oil Marketing Company
 FY24 - Key Highlights

FY24

INR 26.67k Cr INR 18.77k Cr 39.9 MMT $14.14 /bbl 51.04 MMT
Standalone profit in Total standalone Refinery crude Refinery GRM in Market sales in
FY24 borrowings as of throughput FY24, highest among FY24, highest ever
FY24 PSUs

14.2x times 112% utilization 154 KL/ month

FY23 in FY24 throughput per
outlets, highest among
OMCs

21 Note: GRM – Gross Refining Margin, MMT – Million Metric Tonnes, bbl – barrel
 Financial Performance - Standalone

Revenue EBITDA Profit after Tax Net Worth

INR k Cr INR k Cr INR k Cr INR k Cr

47 75
533 27
507
432
55 52
19 52

302
21 22
11
13

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

Financial Ratios FY 21 FY 22 FY 23 FY 24
Total Debt-Equity 0.48 0.65 0.69 0.25
Operating Margin 3.92% 2.64% 0.26% 6.89%
Net Profit Margin 6.31% 2.63% 0.35% 5.26%
Return on Capital Employed 22.59% 20.01% 7.80% 44.23%

22 Note: Return on Capital Employed (RoCE) = EBIT/ Average Capital Employed

 Financial Performance - Consolidated

Revenue EBITDA Profit after Tax Net Worth

INR k Cr INR k Cr INR k Cr INR k Cr

46 27 76
534
507
433
54 52 54
17
304
24
21 12

12

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

Financial Ratios FY 21 FY 22 FY 23 FY 24
Total Debt-Equity 0.87 1.08 1.13 0.60
Operating Margin 4.90% 2.92% 0.46% 6.75%
Net Profit Margin 5.69% 2.70% 0.40% 5.30%
Return on Capital Employed 14.49% 20.01% 6.92% 39.35%

23 Note: Return on Capital Employed (RoCE) = EBIT/ Average Capital Employed

 SECTION 4

Business
Segments
Overview

24
 Update on key BUs for BPCL

Refining Pipelines Marketing Upstream

1 2 3 4
Gas Petrochemicals Green Energy Digital Ventures

5 6 7 8

25
1 Refining Coverage

Bina
Capacity
Refining Capacity Refining Throughput
Refinery Numaligarh - 3.1 MMTPA
(stake divested on 26th March 2021, 38.3 33.0 36.9 38.5 39.9
retain 100% marketing rights) Mumbai Refinery

17.5
16.8
12 MMTPA

16.1
15.6

15.2
15.1

14.7
14.5
13.4
13.0
Kochi Refinery

7.7

7.2
15.5 MMTPA

6.8
4.0
Mumbai

3.9
2.7
2.4
Refinery

Bina Refinery
FY20 FY21 FY22 FY23 FY24
7.8 MMTPA
Kochi Mumbai Bina Numaligarh
Kochi
Refinery Bina Refinery throughput is considered proportionate to shareholding till 30.06.2021

Refinery utilization rates

Best-in-class in terms of
Strategically above name-plate Cost advantage from Ability to process high
asset quality and
located refineries capacities pipeline integration Sulphur crude
operational performance
(>108% in last 3 years)

26 Note: MMT – Million Metric Tonnes Per Annum

1 Refining – Crude sourcing and GRM
Flexibility in crude sourcing and Sulphur Capturing value from refining with competitive
mix for refineries GRM performance
FY24 Crude Sourcing FY24 Sulphur Mix Gross refining margin (US $/barrel) Numbers indicate BPCL GRM

20 20.2

23% 15
14.1
47% 10 9.7
53%
77% 5
4.1
2.5
0
Long term FY20 FY21 FY22 FY23 FY24
High Sulphur Low Sulphur -5
Short term
IOCL HPCL Singapore BPCL

Strong capabilities in optimizing crude sourcing with mix of long term and spot market purchase • BPCL’s GRMs have been at a premium to benchmark Singapore GRMs for the past four
Share of spot market purchase increased from ~30% in FY19 to ~45-50% currently
financial years

Setting up Global crude oil trading desk – likely to be operationalized in FY25; Potential to
reduce crude import costs by locking in the best price and quality

Assets with wide API range, supporting the ability to handle both low & high Sulphur crude
Kochi Refinery: 27-48; Mumbai Refinery: 32-52; Bina Refinery: 27-48

BPCL crude sourcing and processing flexibility enables its higher GRM vs peers

27 Source: GRM of peers from Petroleum Planning and Analysis Cell Report
Note: GRM – Gross Refining Margin, API – American Petroleum Institute BPCL GRM includes Bina Refinery from FY 22 onwards
1 Refining – Mumbai Refinery
Capacity and throughput
• 12 MMTPA capacity, with throughput consistently exceeding nameplate capacity
(>120%* over last 5 years)
• Potential for expansion to 16 MMTPA
• Lowest SOX emission refinery of country (< 10 T/d)

High value product portfolio

• High value products generated including:
– Lubricants – 80% of BPCL’s Base Oil lubricants are processed at Mumbai
Key Highlights – Specialized products like DAS, Propylene, Food Grade Hexane, Benzene, Toluene etc.

Capacity: 12 MMTPA Cost advantage driven by location & logistics setup:

Nelson Index: 9.06 • Strategically located on the west coast, low transportation costs for feedstock and proximity to high-
growth markets
API Range: 32 to 52
• Cost advantage from product transportation via pipeline (>70% of products evacuated via pipeline)
Utilization: 125% (FY24) • ATF line dedicated to Mumbai airport from the refinery
Hydrocracker + 2 FCCU + 2 DHT + CCR + ISOM
Safety & digital
Lubricants Refinery
• Versatile state of the art monitoring tools covering for safety and operations

Mumbai refinery is a strategic refinery underpinned by operational excellence,

low transportation costs and high value product portfolio
28 Note: FCCU – Fluid Catalytic Cracking Unit, DHT – Diesel Hydrotreating Unit, CCR – Continuous Catalyst Regeneration, ISOM – Isomerization Unit, SOX – Sulphur Oxides, ATF – Aviation Turbine Fuel
* Capacity Utilization in FY21 at 110% due to Covid-19 lockdown
1 Refining – Kochi Refinery
Capacity and throughput
• Largest PSU refinery with 15.5 MMTPA capacity with throughput consistently exceeding designed
capacity (>100%* over last 5 years)
• Potential for expansion to 18 MMTPA

Crude source and product flexibility

• Designed to process 100 % HS Crude oil, 100+ types of crude
• Ability to swing between producing MS & HSD on demand.

Key Highlights
Product portfolio
Capacity: 15.5 MMTPA
• Diversified product portfolio with Niche Petrochemicals PDPP Project commissioned in 2021-22; New
Nelson Index: 11.22 400 KTPA PP project expected to be commissioned by 2027-28

API Range: 27 to 48

Utilization: 112% (FY24)

Location advantage
• Strategically located on the coast, providing access to key southern markets
2 FCCU + 2 DHT + 2CCR + ISOM + DCU
• Equipped to receive crude oil in VLCCs with Single Point Mooring
Petrochemicals Refinery • 57% evacuated via pipeline; Dedicated ATF pipeline to Kochi airport

Kochi Refinery provides access to key markets, enhanced feedstock &

product flexibility and supports diversification into petrochemicals
29 Note: FCCU – Fluid Catalytic Cracking Unit, DHT – Diesel Hydrotreating Unit, CCR – Continuous Catalyst Regeneration Unit, ISOM – Isomerization Unit, DCU – Delayed Coking Unit; HS – High Sulphur, MS – Motor Spirit, HSD – High Speed Diesel
* Capacity Utilization in FY21 at 85% due to Covid-19 lockdown
1 Refining – Bina Refinery
Capacity and throughput
• 7.8 MMTPA refinery – under expansion to reach 11 MMTPA capacity
• ~80% of throughput is transportation fuel – MS,HSD, ATF

Diversification to petrochemicals
• New 2.2 MMTPA Petrochemicals complex (~INR 50k Crores investment) to be commissioned
by 2028
• Petrochemicals complex to focus on polymers(LLDPE, HDPE, PP) & aromatics

Key Highlights Location advantage

• Access to northern and central markets with 77% of products evacuated via pipeline (Bina-Kota-MMPL,
Capacity: 7.8 MMTPA
Bina-Kanpur)
Nelson Index: 11.76

API Range: 27 to 48
Technology advantage
• State of art technologies supporting High Nelson Complexity Index of 11.76
Utilization: 91% (FY24)
• Designed to process 100% high sulphur crude
HCU & DHT units and 3-Drum DCU • Bottom upgradation to provide valorisation benefits
• First refinery in country to have:
– Integrated HCU & DHT units to improve energy efficiency
– 3-Drum DCU to improve throughput

Bina refinery augments BPCL’s refining portfolio required to support downstream retailing market in
North, Central India; New capex investments in Bina refinery to drive diversification into Petrochemicals
30 Note: HCU –Hydrocracker Unit, DHT – Diesel Hydrotreating Unit, DCU – Delayed Coking Unit, MMTPA – Million Metric Tonnes Per Annum, MS – Motor Spirit, HSD – High Speed Diesel, ATF – Aviation Turbine Fuel
2 Strategic Pipelines Network

3537 km
long pipeline infrastructure
Key advantages & differentiators
(2,600 km - Product + 937 km Crude Oil
Capacity Utilization for Numbers indicate BPCL
pipelines) with 29 MMTPA Design capacity
POL Pipelines (%) utilization rates
(20.9 MMT - Product + 7.8 MMT Crude)
100 88.7% 84.2%
Piyala Jewar Pipeline
75.7% 79.1%
Meerut (ATF) 71.7%
Kota Jobner Delhi
75
Jewar Airport Bina Panki (BPPL)
(KJPL)
(POL)
(POL)
Panki
Bina Kota Kanpur
50
(BKPL)
(POL)
25
Bina Refinery
Vadinar Bina Bhopal
(Crude)
Ahmadabad
Indore
0
ThamnaDahod
FY20 FY21 FY22 FY23 FY24 H1
Mumbai Manmad
Bijwasan Legend
BPCL IOCL HPCL
Nashik Pipeline (POL)
Mumbai Uran(LPG)
Mumbai Wadilube (LOBS)
BPCL Refinery
Mumbai Santacruz (ATF)
Mumbai Refinery Major Cities • Strategic pipeline networks connecting refineries to key markets
Crude Oil Pipeline
Nalgonda – Mumbai refinery’s access to Northern markets via pipelines to Kota,
MR Rasayani (POL) Existing pipeline
Krishnapatnam
Mathura, Piyala
POL Product Pipelines
Hyderabad (POL)
Nellore Existing Pipeline – Bina refinery’s connection to key markets via Bina-Kota-MMPL &
Bina-Kanpur pipelines
Bangalore
Ongoing Pipelines
Irugur Devangonthi (POL) Under Construction – Kochi refinery’s access to TN market via pipeline to Karur
Cochin Coimbatore • Significantly reduced logistics cost due to pipeline network
Karur (POL)
Kochi ATF (POL) • Higher utilization and lower operational cost of pipeline assets vs peers
Kochi Refinery
• All multi-product pipelines are commissioned with Pipeline Intrusion detection
system (PIDS) which can detect real-time intrusion attempts on pipeline
31 Note: POL – Petroleum, Oil and Lubricants excluding LPG
Source: Petroleum Planning and Analysis Cell Report
3 Marketing
Strong marketing assets with superior sales
Key outcomes
performance
SBU market sales (MMT) Throughput per outlet vs. Peers (KL/Month) in FY24
51.4 154
48.9
1.9 0.4
1.7 0.4
43.1 42.5
7.9 135
7.7 132
2.0 0.3
38.7 1.1 0.4
6.9 0.8 0.4 7.5
6.8 8.1
Throughput (KLPM)
7.3
BPCL HPCL IOCL
7.0 7.2
6.1
• Retail: Highest throughput per outlet v/s OMC peers and leader in market
share growth on top 10 national highways
32.4 32.7
27.0
• I&C: Achieved 7.2 MMT in sales volume - the highest ever by I&C BU, with 18%
26.4
24.2 sales growth YoY

• LPG: Highest ever bottling of 7939 TMT; 3.4% growth in packed LPG business
against industry growth of 3.5%

FY20 FY21 FY22 FY23 FY24 • Aviation: Achieved 1901 TMT, with overall market share of 25.2% amongst OMC
Retail I&C (including gas) LPG Aviation Lubes peers with 9.4% sales growth YoY
–Domestic sales growth of 15.1% vs 9.8% OMC growth

Retail Market Share FY24 MS & HSD* MS – 29.68% HSD – 29.83% • Lubes: Highest ever sales volume of 446 TMT; Launched 19 new grades &
60 new SKUs

32 Note: MS – Motor Spirit, HSD – High Speed Diesel , MMT – Million Metric Tonnes, TMT – Thousand Metric Tonnes, I&C also includes Gas Volumes, * Market share is PSU Market share in March 2024
3 Marketing – Key Highlights and Differentiators
Retail LPG I&C Aviation Lubes
• Highest absolute market • Achieved highest ever bottling • Highest ever sales of 7.2 MMT • Sales of 1.9 MMT and market • Highest ever sales volume of
share amongst PSUs in last 10 volume of 7.9 MMT by I&C BU share of 25.2% amongst PSUs 446 TMT in Lubes
years (FY24: 29.68% in MS, • Major inroads into STU − Highest ever sales in Direct
• No. 2 in sales growth (3.4%) for • High overall sales growth of
29.83% in HSD) Channel (24% growth)
Highlights

LPG in industry business (e.g., RSRTC,TSRTC, 9.4% vis-a-vis 8.8% for PSUs
• Achieved highest ever Ethanol UPSRTC) − 15.1% domestic sales • Commissioned new Channel
• 15-year agreement with
Blending of 11.7% • R&D: Successful 85% ethanol growth vs 9.8% for PSUs Partner in Sri Lanka
Gail to supply Propane
• UFill app awarded1 for (600 TMTPA) blended MS trials with Hero • 63 operational AFS stations, 6 • Made footsteps in African
Customer Engagement and Motors near commissioning and 5 continent in Kenya, Uganda &
• Launched “Pure for Sure”
Innovation • Product launch: Successful under construction Tanzania.
initiative PoC for quality &
• R&D: Launched new quantity assurance launch of new DAS variants • Novelty adjuvant oil for Agri
formulation for “Speed” • REACH certification for D80 to Sector (Tea & Banana)
enable EU export
Brand Building Customer base Customer Relationship Customer Relationship ESG
• Relaunched “Speed” in new • ~9.35 crore customers • Letter of appreciation from • International customers: • New packaging introduced using
avatar with Mr. Neeraj Chopra • 18.54 Lakh new customers ISRO for fuel supplies on All (15+) large volume re-cycled plastic, bamboo
as Brand Ambassador Chandrayaan project customers retained, bottles and tin-cans
Differentiators

under Ujjwala 2.0 Extension

• 3.3 Million co-branded credit (2023) with 99% installations, • Renewed/signed 73 MoUs/ 10+ new onboarded
cards with SBI enrolled fastest among OMC’s contracts with 1.1 MMT volume
Digital Transformation Digital Transformation Digital Transformation Pipeline infrastructure Digital Transformation
• Digital Nerve Centre (IRIS) for • Customer engagement via • One stop portal for I&C • Dedicated ATF pipeline to • MAKonnect: integrated
efficiency improvement and HelloBPCL app and “Urja” customers in HelloBPCL for Mumbai and Kochi airports secondary sales management
safety using AI / ML along with conversational AI/NLP chatbot online indenting of invoices, • Strategic secondary ATF platform for distributors, retailers,
Video Analytics • Biometric e-KYC via Face ID order tracking, pricing infrastructure for supplying at DSRs
• Customer-centric solutions: (on HelloBPCL app) simulation, QC reports etc. Tier 2 airports • Mak QR Code integrated supply
HelloBPCL App, UFill 2.0 and • SalesBuddy CRM for • Agreement with NIA to lay a chain solution enabling bottle
BPCL SBI Card Inspections and Licensing dedicated ATF pipeline tracking, disbursing rewards
management for end customers

33 Note: (1) Greentech Quality & Innovation Award 2023; OMC – Oil Marketing Company, TKL – Thousand Kilo Liters , RSRTC – Rajasthan State Road Transport Corporation , ISRO – Indian Space Research Organization, ATF – Aviation Turbine Fuel,
DSR – Direct Sales Representatives, ERPCC – Enterprise Resource Planning Customer Care , STU – State Transport Utilities, NIA – Noida International Airport
3 Marketing – Digital initiatives across segments

HelloBPCL Urja IRIS

Unified mobile application as one-stop shop for Conversational AI Chatbot unifying customer Tech-driven Remote Management System of field
sales and service activities for all BPCL customers interactions into a consistent omnichannel locations, along with associated tank trucks, using
conversation across BUs. AI/ML and video analytics to alert exceptions

Terminal Video
Automation Analytics

Plant
VTS
Automation

• 1.2 Cr Unique customers • Over 1 Cr LPG bookings, via Urja bot available on • 18k+ ROs, 75+ terminals, 54+ LPG plants and
Whatsapp and BPCL website 25k+ tankers integrated with IRIS to provide a view of the
• 6,773 TKL Loyalty Volume crossed (37.2% growth over entire operating value chain
FY23) at Advanced Loyalty Program for fleet owners • 900+ use cases and 13 languages
that Urja is trained in • More than 3 Million inputs per second can be
• Over 84 Lakh coupons worth INR 30 Cr scanned and accepted from local automated systems, cameras, and IoT
instantly credited to customer with MAK QR Code Solution & • Over 45% of conversations in non-English devices deployed at key locations along with the associated
Instant Gratification languages, ensuring inclusiveness for all types of customers Tank Trucks for product delivery.
of BPCL.

34 Note: RO – Retail Outlets, TKL – Thousand Kilo Litre, BU – Business Unit sa

4 Upstream - BPRL’s Story over the years…

BPCL pursues its upstream investments through wholly owned subsidiary called BPRL

Diversified portfolio with investments across 15 blocks Partnerships with 12+ global players including Total Energies,
spanning 6 countries at various stages of exploration / development / ONGC, Rosneft, Mitsui, OIL, BP, ADNOC, Petrobras etc.
production

Formation of Indonesia Entry in Lower FDP in

BPRL entry Schedule B Zakum Brazil

2006 2009 2013 2018 2022

2003 2008 2012 2016 2019 2024

Formation of Brazil & Lead operator Russian Overseas Onshore FDP in

E&P setup in Mozambique a Acquisition Operatorship – Ruwais, UAE
BPCL cquisition Abu Dhabi
FID in Mozambique
35
4 Upstream – Global Spread
✓ 0.66 mmtoe production for Q4
✓ 2.63 mmtoe production for FY24
✓ Presence in 4 continents, 6 countries

Production
2 TYNGD
Development Russia Russia
2 Vankorneft
Exploration / Appraisal

3 Cauvery Basin*
India 3 Cambay Basin**
2 Assam-Arakan
1 Lower Zakum
UAE UAE
1 Onshore 1 India

Indonesia 1 Nunukan Indonesia

2 BM-SEAL-11
Brazil
1 BM-C-30 Brazil
Mozambique 1 Area 1 Mozambique

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 are in Exploration / Development / under relinquishment
36 ** 1 block in Cambay Basin in in Development, the rest is in Exploration / under relinquishment
5 Gas
6.7% → 15%
1
BPCL FOOTPRINT * ASPIRATION
2023 2030
INR 15K Crores
India’s target for increase in share of gas
3x footprint by FY29 Capex over next 5 years
in energy mix committed by BPCL

Key JVs Infrastructure build out Supply security

52 GAs 0.85 MMTPA

Major JVs

• Covers 19% of India’s population, 25%

of geographical area, 32% of volume • Tie-up valid till 2028
• 26 standalone with BPCL, of which 25 • Renewed for another 20 years from 2028
have been operationalized
• FY24 Revenue: INR 52.7kCr & PAT: INR
Performance highlights

3.5kCr
• Operates Kochi & Dahej LNG Terminal
2034 0.56 MMTPA
CNG outlets pan-India as of FY24 Tie-up valid till 2036 at Kochi (additional 0.48
• FY24 Revenue: INR 15.5kCr & PAT: MMTPA to start 2026 onwards for 15 years)
INR 2kCr
• Operates 12 GAs across 20 districts
• FY24 Revenue: INR 3kCr & PAT: 100+ 1 MMTPA
INR 610Cr Industrial customers contributing to 400+
Tie up valid for 15 years
• Operates 6 GAs across 15 districts KTPA sales; Major customers include Asian
Paints, Maruti Suzuki, LMK Industries
37 Note: GA – Geographical Area, MMTPA – Million Metric Tonnes Per Annum, *Footprint includes own consumption in refineries, sales from our CGD GAs and sale via our retail stations in other Gas; Aspiration of 3x is considered over FY24 base
Source: (1) MoPNG
6 Petrochemicals
Market outlook
Petrochemical • Indian demand for polymers is expected grow ~5% until 2040, driven by rising consumer
income, and infrastructure investment
Capacity • India’s petrochemical per capita consumption at 10-12 kg compared to global average of
30-35 kg, leaving considerable headroom for growth
• Government of India is committed to make India a self-reliant & globally competitive
petrochemical manufacturing hub

FY24 Our Plan

• Plan to setup 2.9 MMTPA capacity by FY29 (~2.2 MMTPA Petrochemical complex at Bina

0.33 MMTPA Refinery, ~INR 50k Cr capex and ~400 KTPA Polypropylene plant at Kochi)

• Target of ~8% share of petrochemicals in our product portfolio by FY29 from ~2.3% in FY24

• Long-term Strategic Advantages for Ethylene cracker + Petchem complex in Bina Refinery
– Self sufficiency for Naphtha feedstock
FY29
– Centrally located with access to core markets in central India

2.9 MMTPA
38 Note: KTPA - Kilo Tonnes Per Annum, MMTPA – Million Metric Tonnes Per Annum
7 Green Energy

Plans to invest ~INR 10k Cr in the business as capex in next 5 years

Renewable Green EV
Energy Hydrogen Biofuels Charging

• India aims for 500 GW RE • Indian govt. has set a • India targets 20% ethanol • Govt. announced a target of
India Capacity by 2040 production target of blending by 2025, 15 MMTPA EV30@2030 – 30% new private
ambition 5 MMPTA by 2030 CBG by 2030 cars, 40% buses, etc. to be
electric by 2030

• 10 GW Renewable Energy • We aim for 30 KTPA Green • We will achieve 20% ethanol • We target setting up 7,000
BPCL capacity by 2040 Hydrogen in our refineries blending target by 2025 energy stations by FY25
ambition by 2030 • We plan to setup 26 CBG
projects in next 2-3 years

• 77 MW installed, 176 MW • Setting up a 5MW Green • Achieved highest-ever ethanol • 3,135 EV charging stations
Our under construction Hydrogen Plant at blending of 11.7% in FY24 setup
progress • Setting up 50 MW wind Bina Refinery • Conceived and started an • Fast charging stations along
projects each in MH and MP • 200 Nm3/hr green hydrogen integrated 1G & 2G Ethanol 120+ highway corridors
• 71 MW solar in Prayagraj at refueling station at CIAL in Project; in progress at • MoU with major private players
INR 1,275 crores progress Bargarh, Odisha to install EV charging stations
• Won 2 KTPA production • Signed CBG offtake
capacity via biomass pathway agreements to achieve 1%
under SIGHT scheme with CBG blending by FY25
incentive of INR 30/ kg

39 Note: MW – Mega Watts, GW – Giga Watts, KW – Kilo Watts, CBG – Compressed Biogas, MH – Maharashtra, MP – Madhya Pradesh, SIGHT – Strategic Interventions for Green Hydrogen Transition, MMTPA – Million Metric Tonnes Per Annum, EV –
Electric Vehicle, KTPA - Kilo Tonnes Per Annum
8 Digital Ventures

Winning formula Options being

considered
Break traditional
mindsets to liberate BPCL as incubator for future
new talent unicorns in the energy space
(atleast $1B market cap in 5 years)
Build a separate
culture conducive for
Explore various modes for scaling
start-up
up in-house innovations/
breakthroughs by leveraging
Develop agile methods
existing talents
for competitive edge

40
 BPCL R&D – Key Highlights
Recognitions, FY24 Innovative Products

• Innovator of the Year (Team) for • New formulation for “SPEED”

“BharatH2Sep Technology” • K Model®, BPMARRK®
• New Product of the Year for • BMCG Nxt GEN
K Model®: Blending for future • BHARAT FURNO CHEM
• 2nd Prize in National Energy Efficiency • HiCAT: Dewaxing catalyst
Innovation Awards for Bharat HiGee
Deaeration Tech • GSR CAT: FCC gasoline Sulfur reduction
• Digital Transformation Initiative of • High efficiency LPG burner
the Year for “BPCL, India – Aspen Tech Inc. • Ecochem: Ethanol corrosion inhibitor
R&D Achievements USA Collaboration
(till FY24)
Net-Zero R&D Novel Processes
Patents filed 150
• Bio-film production using DDGS • Indigenously developed desalter technology
• BARC electrolyser technology for Green • Membrane assisted H2 separation
Patents granted 82 Hydrogen production • HiGee Separations
• Green Silica production using boiler ash • Divided Wall Column
• Green H2 blending in CGD network • Cross flow reactor
Publications Over 200 • Sustainable Aviation Fuel
research articles • Low grade energy utilization
• Integrated Carbon Capture and
Conversion process

41 Note: DDGS – Dried Distillers Grain with Soluble, CGD – City Gas Distribution, BARC – Bhabha Atomic Research Centre, BMCG – Bharat Metal Cutting Gas, GSR – Gasoline Sulfur Reduction
THANK YOU!