Government oil marketing and petroleum company Bharat Petroleum Corporation Limited (BPCL) is planning big investments in the next five years. Apart from its core businesses of oil refining, fuel marketing and petrochemicals, the company plans to invest Rs 1.7 lakh crore in clean fuels in the next five years. BPCL Chairman G Krishnakumar gave this information during a discussion with analysts on quarterly results on Friday. He said the company planned to expand its presence.
Will take the company to zero carbon emissions target
According to the news, Krishnakumar said that our strategy is based on two fundamental pillars – ‘advancing core businesses’ and ‘investing in big bets of the future’. This will not only help meet the growing fuel demand of the world’s fastest growing economy but will also help the company meet its target of achieving net zero carbon emissions by 2040.
What will the company invest in?
Of the total investment of Rs 1.7 lakh crore, Rs 75,000 crore has been earmarked for refinery and petrochemicals. We are planning to launch strategic pipeline projects with an investment of Rs 8,000 crore, of which projects worth Rs 5,000 crore have already been identified. BPCL chief said that we will invest more than Rs 20,000 crore in the marketing business. We have also earmarked an investment of Rs 32,000 crore in production in Mozambique and Brazil.
Plan to open 4,000 new petrol pumps
The Bharat Petroleum Corporation Limited chief also said that we will invest Rs 25,000 crore on gas business and Rs 10,000 crore on green energy business. Krishnakumar said that there is a plan to increase the refining capacity of BPCL from 35.3 million tonnes to 45 million tonnes per annum by March 2029. The capacity addition will mainly take place at Bina Refinery in Madhya Pradesh. On fuel retailing infrastructure, BPCL is planning to open around 4,000 new petrol pumps. He currently has 22,000 petrol pumps.
Latest Business News