BPCL Invests ₹1,138 Crore to Expand Key Pipelines and Storage Facility

13 Sep 2024 , 01:13 PM

On September 12, Bharat Petroleum Corporation Ltd (BPCL) announced a ₹1,138 Crore capital investment for pipeline expansions. The investment will enhance the Cochin-Coimbatore-Karur Pipeline (CCKPL) and the Irugur-Devangonthi Pipeline (IDPL).

The CCKPL pipeline capacity will increase from 3.3 million metric tons per annum (MMTPA) to 7 MMTPA. The IDPL pipeline will see an expansion of 1.1 MMTPA, bringing its total capacity to 3.5 MMTPA upon completion. An oil storage terminal will also be established in Palakkad, Kerala.

The project aims to improve the evacuation of finished petroleum products from BPCL’s Kochi Refinery and is expected to complete within 36 months, subject to regulatory approvals and land acquisition. The investment will be funded through BPCL’s internal accruals.

At the time of writing, shares of Bharat Petroleum Corporation Ltd are trading at ₹343.60 which is a 0.20% gain than the previous close. Bharat Petroleum Corporation Ltd has witnessed a total of 93% gain in the last one year, and almost 52% gain since the beginning of the year.

BPCL, a major PSU under India’s Ministry of Petroleum and Natural Gas, operates refineries in Bina, Kochi, and Mumbai.