Bharat Petroleum Corporation Limited (BPCL) announced significant investment of ₹1.7 lakh crore over the next five years to enhance its core businesses of oil refining and fuel marketing, while also venturing into new areas such as petrochemicals and green energy.
BPCL, which currently holds approximately 14% of India’s oil refining capacity and about 25% of the country’s fuel retailing network, aims to expand the operations further while exploring new opportunities.
The company is currently in the initial stages of a long-term strategic initiative known as Project Aspire. The five-year plan focuses on two main objectives: strengthening its existing core operations (Nurturing the Core) and investing in emerging sectors (Investing in Future Big Bets).
According to BPCL’s Chairman, G Krishnakumar, the company is committed to achieving net zero carbon emissions by 2040. BPCL’s decision to continue investing in its core operations is based on expectations of a 4-5% annual growth in energy demand and petroleum product consumption, driven by India’s rapidly expanding economy. Additionally, the demand for key petrochemical products is projected to increase by 7-8% annually.
As reported by thehindbusinessline.com, BPCL is developing new petrochemical facilities at two of its three refineries. The Bina refinery in Madhya Pradesh is undergoing a ₹49,000 crore ethylene cracker project, which will also increase its oil refining capacity from 7.8 million tons to 11 million tons per year by 2029. Meanwhile, a polypropylene project is being established at the Kochi refinery in Kerala, scheduled for completion by 2027.
