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.

Bharat Petroleum Corporation Limited (BPCL) has announced its willingness to dilute 30-40% stake in its new Andhra Pradesh refinery project. The oil marketing company has identified Saudi Aramco and Oil India as potential strategic partners for this major infrastructure development.

Partnership Strategy

BPCL's openness to reduce its stake significantly aims to accommodate potential partners in the Andhra Pradesh refinery project. This strategic approach would allow BPCL to maintain majority control while bringing in experienced partners to share both investment costs and operational expertise.

Potential Strategic Partners

Two major players have been identified as potential partners for this venture:

Saudi Aramco

The Saudi Arabian oil giant could bring extensive refining expertise and global market access to the partnership. The company's participation would potentially introduce international best practices and advanced refining technologies.

Oil India

The domestic oil exploration company offers local market knowledge and operational experience within the Indian energy sector. Their involvement could strengthen domestic collaboration and provide regional expertise.

Project Implications

This partnership approach reflects BPCL's strategy to leverage external expertise and capital for major infrastructure projects. By diluting a portion of its stake, the company may reduce its financial exposure while maintaining operational control of the refinery.

The involvement of both international and domestic partners could significantly enhance the project's technical capabilities and market reach. Saudi Aramco's participation would potentially bring global refining standards and international market access, while Oil India's involvement could strengthen the domestic oil sector collaboration and provide valuable local insights for the Andhra Pradesh facility.