BPCL to invest Rs 1.7L cr over 5 yrs to expand core biz and foray in new areas
Bharat Petroleum Corporation Ltd. (BPCL) plans to invest Rs 1.7 lakh crore over five years to expand its core refining and marketing businesses and enter sectors like petrochemicals and green energy. BPCL aims to increase refining capacity, develop renewable energy projects, and enhance biofuel and electric vehicle infrastructure. The company is targeting net zero carbon emissions by 2040 and plans to meet 7-10% of India’s primary energy demand by 2047.
New Delhi, Aug 18 (UNI) State-run oil marketing firm Bharat Petroleum Corporation Ltd. (BPCL) is planning to invest Rs 1.7 lakh crore over the next five years on expanding core oil refining and fuel marketing businesses, as well as entering new sectors like petrochemicals and green energy.
BPCL currently holds 14% of India’s oil refining capacity and 25% of the fuel retailing network, the company said in its annual report, while emphasising that the company aims to expand these core businesses, leveraging India’s growing energy demand. BPCL has launched ‘Project Aspire’, a five-year strategic framework with a planned capital expenditure of Rs 1.7 lakh crore.
The project is based on two pillars:green energy. (refining, marketing, and upstream petroleum products) and ‘Investing in Future Big Bets’ (petrochemicals, gas, green energy, non-fuel retail, and digital). BPCL is implementing petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being developed at the Bina refinery in Madhya Pradesh, with oil refining capacity increasing from 7.8 million metric tonnes to 11 million metric tonnes by 2029.
A polypropylene project is planned at the Kochi refinery in Kerala by 2027, it said, adding that BPCL targets net zero carbon emissions from its operations by 2040, with a phased capital outlay of Rs 1 lakh crore. The company is also in the process of developing renewable energy capacity, aiming for 2 GW by 2025 and 10 GW by 2035. Investments include Rs 1,000 crore for two 50 MW wind power plants and Rs 300 crore for a 72 MW solar project, the company said in the annual report.
BPCL is executing green hydrogen projects, including a 5 MW electrolyser plant at Bina refinery. Besides, the company is also focussing on biofuels, selling gasoline with a 20% ethanol blend at 4,279 outlets and building compressed biogas plants. It has installed over 3,000 EV charging stations, including 900 fast chargers, on 120 highway corridors. “BPCL is at the forefront of India’s biofuel push.
The company has increased ethanol blending in gasoline to 11.70%, up from 10.60% in the previous year. We have expanded our retail network for E20 fuel to 4,279 outlets. Additionally, we procured 102.60 TKL of biodiesel during the year, a substantial increase from the previous year,” G. Krishnakumar, CMD, BPCL, said. The company is driving the adoption of compressed biogas (CBG) and has issued 382 letters of intent for CBG plants with a combined capacity of 7 lakh metric tonnes per ar.
The company has also initiated the construction of its own CBG plants using municipal solid waste, with the first one scheduled for commissioning this financial year in Kochi. Additionally, we are exploring strategic partnerships to complement our organic growth. Advanced discussions are underway with reputed players in this space for potential joint ventures.
These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, position BPCL as a key player in India’s transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country, Krishnakumar added.
According to the annual report, the company plans to install 4-wheeler fast chargers at 6,000 retail outlets across 400 highway corridors in the next five years. BPCL has set an ambitious target to meet 7–10% of India’s primary energy demand by 2047. The company is establishing a corporate venture capital fund to invest in promising startups. The firm’s long-term vision aligns with India’s goal to become a USD 30 trillion developed economy by 2047, with significant expansion in energy sectors.
Source Link : https://www.uniindia.com/news/business-economy/bpcl-investment/3264806.html
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