Bharat Petroleum Corporation Limited (BPCL) has unveiled plans to invest $18.16 billion over the course of five years to bolster its oil-related ventures and expand its renewable energy portfolio, with the ultimate goal of achieving net-zero emissions by 2040, according to Chairman G Krishnakumar. This initiative comes at a time when companies in India, the world’s third-largest emitter of greenhouse gases, are making substantial investments to reduce their carbon footprints. However, they are also simultaneously investing in fossil fuels due to India’s economic growth, which is expected to drive increased demand for petrochemicals and fuel.
As reported by ETEnergyworld.com, India has committed to achieving net-zero emissions by 2070. BPCL’s investment strategy involves allocating one trillion rupees toward various projects between now and 2040. These projects include green hydrogen production, carbon capture, utilisation, and storage (CCUS), as well as efforts to enhance energy efficiency in order to reduce emissions. BPCL aims to possess one gigawatt (GW) of renewable energy capacity by 2025 and increase this to 10 GW by 2040.
As part of these plans, the company will invest 10 billion rupees to establish 50 megawatts of captive wind power plants to support its Mumbai refinery, which has a capacity of 240,000 barrels per day (bpd), and its Bina refinery located in central India. BPCL is concurrently constructing a 490-billion rupee ethylene cracker at its Bina refinery, which currently has a capacity of 156,000 bpd, with the goal of boosting its share of petrochemicals in its business to 8%. Additionally, the Bina refinery’s capacity is being expanded to 220,000 bpd. Furthermore, BPCL is exploring the possibility of adding a Polypropylene project to its Kochi refinery in Southern India, which has a capacity of 310,000 bpd.
Krishnakumar commented, “BPCL has set a planned capital expenditure outlay of around $18.16 billion rupees in the next five years, which will enable BPCL to create long-term value for our stakeholders while preserving our planet for future generations”.
