Cabinet approves investment by Bharat PetroResources

29 Jul 2022 CW Team

The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved an additional investment of about Rs 12,000 crore by Bharat PetroResources (BPRL), a wholly owned subsidiary of Bharat Petroleum Corporation (BPCL), for the development of the BM-SEAL-11 Concession Project in Brazil.

The CCEA also approved the following:
To increase the limit of equity investment by BPCL in BPRL and authorised share capital of the company from Rs 15,000 crore to Rs 20,000 crore (to be subscribed by BPCL from time to time).

To authorise an increase in the limit of equity investment by BPRL International BV in International BV Brasil Petroleo Limitada, through intermediate WOS, to Rs.15,000 crore from the current limit of Rs 5,000 crore is an increase of Rs 10,000 crore.

The start of production from the BM-SEAL-11 project is expected from 2026-27.

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