BPCL board approves merger of Bharat Gas Resources Ltd with itself
Posted On: 2020-12-17 06:37:20 (Time Zone: Arizona, USA)
The Board of Directors of Bharat Petroleum Corporation Limited (BPCL) at the meeting held on 17th December 2020 has accorded its in principle approval for merger of Bharat Gas Resources Ltd Limited (a wholly owned subsidiary of BPCL) with BPCL subject to the approval of the competent authorities and completion of Regulatory and other requirements.
BGRL is engaged in the business of Natural Gas. The Authorised Equity Share capital of BGRL is Rs.2300 crore and current paid up capital is Rs.558.62 crore. During the financial year 2019-20, BGRL has recorded revenue from operations of Rs.273.35 crore.
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Vedanta chairman Anil Agarwal. (Sanjeev Verma/Hindustan Times via GettyImages)
Commodities sector mogul Anil Agarwal is planning to partner with London based Centricus Asset Management Limited with plans to invest a sum of $10 billion targeted at government s ambitious privatisation bids, reports
Business Standard.
Agarwal is teaming up with Centricus, which oversees $28 billion in assets, with the intention to seek investments in Indian companies which offer substantial growth opportunities. The combine is now seeking to raise capital from international investors to deploy in such turnaround opportunities. The duo is said to be looking at creating a 10-year life span fund for the purpose.
BPCL to acquire stake of other shareholders in Bharat Oman Refineries Ltd
Posted On: 2020-12-17 06:36:15 (Time Zone: Arizona, USA)
The Board of Directors of Bharat Petroleum Corporation Limited (BPCL) at the meeting held on 17th December 2020 has accorded its approval for acquisition of 888,613,336 (36.62%) of equity shares in Bharat Oman Refineries Ltd (BORL) from OQ S.A.O.C. (formerly known as Oman Oil Company S.A.O.C) subject to the finalization of definitive agreement between parties, the approval of the competent authorities and completion of Regulatory and other requirements. The Board of Directors has also approved the proposal to approach Government of Madhya Pradesh (GoMP) for acquiring 269,00,000 warrants held by GoMP in BORL.
A general introduction to oil and gas law in United Arab Emirates
An extract from The Oil and Gas Law Review, 8th Edition
Introduction
The United Arab Emirates (the UAE) produced an average of 3 million barrels of crude oil per day in 2019, maintaining its position as the fourth-ranked OPEC member (and eighth-ranked country worldwide) in terms of crude oil production. In May 2020, daily production decreased to 2.45 million barrels of crude oil per day in response to reduced OPEC targets, a reduction in crude oil prices and the effects of the covid-19 pandemic. Further reductions for the remainder of 2020 are possible, but the UAE is expected to retain its ranking in terms of global production. Ninety-five per cent of the UAE s proven oil reserves are based in the emirate of Abu Dhabi (Abu Dhabi), one of the seven emirates of the UAE, and Abu Dhabi s production accounts for almost all, if not all, of the oil exported from the UAE.