Bharat Petroleum Corporation Ltd. Approves Investment in Tikitar and Shell Joint Venture & Plans to Replace Old Units at Mumbai Refinery

Bharat Petroleum Corporation Ltd. has approved an investment in Tikitar and Shell India Private Limited (TTSIPL), a joint venture company of Tikitar Group and Shell Gas B.V, in the domain of manufacturing and marketing of value-added bitumen. This investment is subject to approvals from DIPAM and other regulatory approvals and on fulfillment of various terms and conditions. The company will provide complete disclosure after the signing of definitive agreements. Additionally, the board has approved replacing the existing old Catalytic Cracking Unit (CCU) and Fluidised Catalytic Cracking Unit (FCCU) at Mumbai Refinery with a ‘State of Art’ Petro Resid Fluidized Catalytic Cracking (PRFCC) Unit and its associated facilities, at a gross capital expenditure of Rs.14,200 crore. This new unit is expected to improve the refinery performance upon commissioning.