BPCL to invest Rs 1.7 lakh cr in core, new energy business
Bharat Petroleum Corporation Ltd (BPCL) plans to invest Rs 1.7 lakh crore over the next five years in its core oil refining, fuel marketing and petrochemical business as well as in clean energy such as hydrogen, its chairman G Krishnakumar said on Friday. As part of 'Project Aspire', a five-year strategic framework, BPCL plans to raise its oil refining capacity, augment petrochemical business and expand its presence in cleaner fuel space with an eye on energy transition and meeting country's fuel demand, he said at a post earnings investor call.
«Our strategy is based on two fundamental pillars — 'Nurturing the Core'; and 'Investing in Future Big Bets'. We remain committed to our core businesses, which include the refining, marketing of petroleum products and upstream. In addition, we are focusing on our big bets, which comprise petrochemicals, gas, green energy, non-fuel retail, and digital,» Krishnakumar said.
This will not just help meet the rising fuel demand of the world's fastest growing economy but also help the firm meet its target of achieving net zero carbon emissions by 2040.
«Overall, we plan to invest Rs 1.7 Lakh crores over a period of 5 years. Of this, Rs 75,000 crores is earmarked for refineries and petrochemicals. We plan to undertake strategic pipeline projects with an investment of Rs 8,000 crores, of which projects worth Rs 5,000 crores have already been identified.
»We will invest more than Rs 20,000 crore in our marketing business. We have also earmarked investments of Rs 32,000 crores in
