BPCL plans new refining, petrochemical projects in next 5-7 years
India's Bharat Petroleum Corp plans to increase its integrated refining and petrochemical capacities within the next five to seven years to meet growing energy demand, Chairman G. Krishnakumar told shareholders.
India's annual consumption of refined fuels and petrochemicals is expected to rise steadily by 4-5% and 7-8% in the 'foreseeable future', he said.
«This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes,» Krishnakumar said.
BPCL is exploring building a new 180,000-300,000 barrel-per-day (bpd) oil refinery in southern Andhra Pradesh state or northern Uttar Pradesh state, an industry source said in July.
The new capacities will be in addition to a project, worth 1.7 trillion rupees, that the company announced earlier this year to expand its existing facilities including refining, fuel retailing and petrochemicals.
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Krishnakumar on Friday said BPCL would use a mix of internal accruals and borrowing from local and foreign markets to fund the expansion projects.
BPCL earlier this year announced plans to raise its refining capacity to 900,000 bpd and build two new petrochemical projects at the 310,000 bpd Kochi refinery in southern India and at its 156,000 bpd Bina
