Shares of Bharat Petroleum Corporation Ltd (BPCL) climbed as much as 6.20 per cent on Thursday after the oil retailer on Wednesday informed stock exchanges post market hours that the company’s 100 per cent wholly-owned subsidiary – Bharat PetroResources (BPRL) along with OIL India (OIL) and Indian Oil Corporation (IOC), acting jointly as the Indian Consortium, has signed a definitive agreement to acquire participatory shares representing 29.9 per cent of the charter capital of LLC ‘TYNGD’.
Shares of BPCL were trading 5.73 per cent up at Rs 863.10 (at 1.35 pm). The scrip opened at Rs 824 and has touched a high and low of Rs 867 and Rs 822, respectively, in trade so far. Later, BPCL shares ended 5.67 per cent up at Rs 862.65.
Oil India and IOC shares ended 0.89 per cent up at Rs 306.30 and 2.64 per cent up at Rs 398.75, respectively.
TYNGD is a wholly-owned subsidiary of Rosneft Oil Company, the National Oil Company (NOC) of Russia. The acquisition is subject to relevant board, government and regulatory approvals and is expected to close by September 2016.
Rosneft Oil Company holds 80 per cent shares while BP PLC (UK) holds 20 per cent shares in TYNGD through their respective subsidiaries. TYNGD is currently producing about 20,000 bopd which is expected to be ramped up to about 100,000 bopd by 2021.