Bharat Petroleum Corporation Ltd. (BPCL) a Government company incorporated under the Companies Act, 1913, is in the business of Refining, Storing, Marketing and distributing petroleum products. The Paid up Capital of BPCL is Rs.300 crores of which Government of India (GOI) holds 66.2%. and the balance 33.8% equity are held by Foreign Institutional Investors, Financial Institutions, Employees and other Investors.

Bharat Petroleum Corporation (BPCL) traces its history to 1928 when the Burmah Shell Oil Storage & Distribution Company of India was incorporated in England to enter the petroleum products business in India. The business of the Company grew substantially given the international backing of Shell and it achieved the leadership position in India. In 1952, Shell and Burmah Oil Company set up Burmah Shell Refineries to set up a refinery in Mumbai. The entire operations of Burmah Shell in India were nationalised in 1976 and the Refinery and Marketing Companies were merged to form BPCL.

BPCL is India's second largest oil company in terms of market share and processes about 9 million metric tons of crude per year. Today the company produces a diverse range of products, from Petrochemicals and Solvents to aircraft fuel and speciality lubricants. It manufactures petroleum and petroleum products, asphalt, bituminous substances, carbon, carbon black, hydrocarbons, mineral substances and the products/by-products derived there from.

The organisation structure of BPCL was revamped and six new Strategic Business Units (SBU's) have been created. They are Refinery, Retail, Industrial& Commercial, Lubricants, Aviation. LPG. The new structure is based on business processes, is flexible, more responsive to external changes, has fewer layers, and above all, ensures a much higher customer focus.

During 2000-01 the company issued bonus shares in the ratio of 1:1, thereby enhancing its equity capital to Rs 300 crores. Currently BPC holds 54.81% in KRL and 62.96% in NRL. Government has a 66% stake in the company, which it plans to divest in due course of time. The contenders for the same include MNCs like Shell along with domestic companies like Reliance Industries. A possible cross holding between BCPL and HPCL is also proposed.

Refinery Modernization Project is being implemented at a cost of Rs.18,310 million . This project besides improve distillate yield and energy efficiency, will enhance the crude oil capacity to 12 MMTPA. The project is expected to be commissioned October,2004. Gas Turbine and Heat Recovery Steam Generator project was commissioned during 2001-02 at a cost of Rs.1750 million. The long term plan of setting up a 7 MMTPA capacity grassroots refinery project in Allahabad District of UP is under final stage of approval. The forestland of 450 acres has been approved and the estimated cost of the Refinery project amounts to 61,800 million. This project is planned in such a way it should be mechanically completed within 48 months from the date of receipt of all statutory approvals.