The Hindu Business Line : BPCL, IOC launch b2b initiative

Kochi, Aug. 10 Mr P. K. Sinha, Additional Secretary and Financial Advisor - Ministry of Petroleum and Natural Gas, has launched the business-to-business initiative of Bharat Petroleum Corporation Ltd and Indian Oil Corporation at a function held at the Kochi Refinery.

BPCL and IOC often share products and facilities at many locations across India, which helps them serve its customers efficiently and reduce costs by making optimum use of available resources. On an average BPCL and IOC annually exchange product worth Rs40,000 crore.

The product is exchanged via modes of transport such as pipelines, wagons and lorries. But, the consolidated financial settlements and reconciliations over thousands of such transactions happen at regional offices and head offices of both these companies through an elaborate and independent process.

In 2008, both the companies decided to work together on a common platform for seamless data transfer and settlement process. The companies worked together on the data exchange structures, security, availability, that are required to share information using B2B architecture.

On Monday, this unique and ambitious project has been rolled out across 70 BPCL and IOCL locations resulting in significant reduction in settlement process and error-free reconciliation.

Mr S. V. Narasimhan, Director (Finance), IOCL, and Mr S.K. Joshi, Director (Finance), BPCL, were present.

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