Bharat Petroleum has issued letters of intent totaling ₹4,117.00 crore to Technip Energies Limited for engineering and construction projects at its Bina and Mumbai refineries. The company provided this clarification to stock exchanges following media reports about the contract awards.

Contract Details and Scope

The letters of intent were issued on November 24, 2025, covering three distinct projects across BPCL's refinery operations:

The largest component involves Engineering, Procurement, Construction and Commissioning (EPCC) services for Polypropylene (PP) and Butene-1 units at the Bina Refinery, representing the majority of the total contract value.

Mumbai Refinery Projects

For the Mumbai Refinery, Technip Energies will provide Engineering, Procurement and Construction Management (EPCM) services for two separate initiatives. The first involves the Petro Resid Fluidized Catalytic Cracking (PRFCC) Unit, while the second covers the Hydrocracker Unit (HCU) revamp project.

Regulatory Compliance and Business Impact

BPCL emphasized that all contracted projects fall under ordinary business operations and represent standard capital expenditure for the company. The management stated they do not anticipate any price movement in BPCL shares due to these contract awards.

The company clarified that since these contracts were awarded in the ordinary course of business, there was no regulatory requirement to inform stock exchanges about the awards under SEBI (LODR) Regulations, 2015. BPCL confirmed no material impact on the company from the media coverage of these contracts.

Exchange Communication

The clarification came in response to queries from both BSE and NSE regarding media reports published on January 8, 2026. The exchanges sought information about the negotiations, events timeline, and potential impact on share trading. BPCL provided a comprehensive response detailing the contract sequence and confirming the routine nature of these business activities.

Bharat Petroleum Corporation Limited has announced key changes in its senior management structure, marking a significant transition in leadership roles as communicated to stock exchanges under SEBI Regulation 30.

Executive Director Superannuations

The company reported the superannuation of two senior executives effective December 31, 2025. The departing leaders include:

New Internal Audit Head Appointment

To fill the leadership gap in internal audit functions, BPCL has promoted Shri Vivek V Maheshwari from his current role as Chief General Manager Finance (Internal Audit) to Head - Internal Audit, effective January 1, 2026.

Professional Background of New Appointee

Shri Vivek V Maheshwari brings substantial expertise to his new role, with comprehensive educational qualifications and diverse experience across multiple business verticals:

Educational Qualifications:

• Post Graduate Diploma in Management (Executive Management Program) from SP Jain Institute of Management and Research (SPJIMR), Mumbai
• Associate Chartered Accountant (ACA) from The Institute of Chartered Accountants of India (ICAI)
• Bachelor of Commerce in Financial Accounting from Mulund College of Commerce (MCC), Mumbai

Professional Experience: Maheshwari has held various strategic positions across finance portfolios, demonstrating versatility in:

• Corporate Treasury operations
• Shared Services management
• Corporate Finance functions
• Critical finance leadership roles across key business segments including Retail, BPRL, Gas & International Trade

Regulatory Compliance

The management changes were formally communicated to both BSE Limited and National Stock Exchange of India Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparent disclosure of senior management transitions to stakeholders.