BPCL to invest Rs 1.7 lakh crore in next 5 years

BPCL has launched 'Project Aspire', a five-year strategic framework with a planned capital expenditure of Rs 1.7 lakh crore.

BPCL, BPCL investment, BPCL next five year plan, Bharat Petroleum Corporation Ltd, petrochemicals, green energy, gasoline marketing, oil refining businesses, Indian express news

BPCL currently holds 14 per cent of India's oil refining capacity and 25 per cent of the fuel retailing network. (File Photo)

State-owned Bharat Petroleum Corporation Ltd has proposed to invest Rs 1.7 lakh crore over the next five years in petrochemicals, green energy, gasoline marketing and oil refining businesses.

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: ‘Nurturing the Core’ (refining, marketing, and upstream petroleum products) and ‘Investing in Future Big Bets’ (petrochemicals, gas, green energy, non-fuel retail, and digital), the company said in its Annual Report.

BPCL said it 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 tonnes to 11 million tonnes by 2029. A polypropylene project is planned at the Kochi refinery in Kerala by 2027,” BPCL Chairman and MD G Krishnakumar said.

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“The company plans to install 4-wheeler fast chargers at 6,000 retail outlets across 400 highway corridors in the next five years,” it said. BPCL has installed over 3,000 EV charging stations, including 900 fast chargers on 120 highway corridors, it said.

The company is 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 MWp solar project. “BPCL is executing green hydrogen projects, including a 5 MW electrolyser plant at Bina refinery. The company is also focusing on biofuels, selling petrol with 20 per cent ethanol blend at 4,279 outlets and building compressed biogas plants,” it said.

BPCL currently holds 14 per cent of India’s oil refining capacity and 25 per cent of the fuel retailing network.

The company is establishing a corporate venture capital fund to invest in promising startups, it said.

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