Bharat Petroleum Corporation (BPCL) announced that it has signed a non-binding memorandum of understanding (MoU) with Coal India on 2 December 2024 for setting up coal to SNG plant.
Under the MoU, both the companies will explore the establishment of a coal-to-synthetic natural gas (SNG) project at Western Coalfields through surface coal gasification.Bharat Petroleum Corporation (BPCL) is the second largest Indian oil marketing company (OMC), engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted 'Maharatna' status, joining the elite club of companies having greater operational & financial autonomy. The Government of India holds a 52.98% stake in BPCL as of 30 September 2024.
Coal India is a coal mining company engaged in the production and sale of coal. As of 30 September 2024, the Government of India held a 63.13% stake in the company.
Shares of Bharat Petroleum Corporation rose 0.07% to Rs 294.50, while shares of Coal India gained 0.34% to Rs 418.05 on the BSE.
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