BPCL plans to set up new refinery for Rs 50k cr
Bharat Petroleum Corporation (BPCL) plans to set up a new 12 million metric tonnes per annum (MMTPA) refinery in the country, two industry officials aware of the development told ET. The state-owned oil marketing company will invest around Rs 50,000 crore in the project for which it is currently evaluating locations in three states — Andhra Pradesh, Uttar Pradesh, and Gujarat, they said.
Modi 3.0 Live
Modi 3.0 is here! Familiar faces, fresh additions, and the big portfolio puzzle
Modi-fying growth: India plans policy twist for jobs & investment
No place for losers: Modi sends a clear message with Cabinet 3.0
«BPCL is planning another refinery either on the east coast or on the west coast as India needs more refineries to meet the increasing fuel demand,» one of the officials said. «Talks are at a preliminary stage.» The company may also consider UP, the officials said.
BPCL did not respond to an email query till press time on Monday.
Last month, BPCL chairman G Krishnakumar said the company is planning to increase its refining capacity to 45 mmtpa by FY29.
The company runs three refineries in Mumbai, Kochi, and Bina (in Madhya Pradesh) with a combined annual refining capacity of around 36 MMTPA.
BPCL plans to invest about Rs 1.7 lakh crore over the next five years in its core oil refining, fuel marketing, and petrochemical business and in the clean energy business. Of the total capex, it has earmarked Rs 75,000 crore for refineries and petchem projects, Rs 8,000 crore for pipeline projects, and more than Rs
