BPCL to Invest ₹1.7 Lakh Crore in Energy Expansion

19 Aug 2024 , 11:47 AM

Bharat Petroleum Corporation Ltd (BPCL) plans to invest ₹1.7 lakh crore over the next five years to expand oil refining, fuel marketing, petrochemicals, and green energy sectors.

BPCL, which holds 14% of India’s refining capacity and 25% of the fuel retail market, aims to enhance existing operations and explore new business areas.

The company’s five-year strategy, “Project Aspire,” focuses on growing core businesses and investing in future opportunities, emphasizing sustainability.

At the time of writing, shares of Bharat Petroleum Corporation Ltd (BPCL) is trading at ₹339 which is a 2.80% gain than the previous close. Bharat Petroleum Corporation Ltd (BPCL) stock has gained a total of 93% in the last one year, and almost 50% since the beginning of the year.

BPCL aims to achieve net-zero carbon emissions by 2040, supported by a ₹1 lakh crore investment in renewable energy, green hydrogen, carbon capture, and energy efficiency.

New petrochemical projects are being developed at BPCL’s Bina and Kochi refineries, with plans to increase refining capacity and set up integrated petrochemical complexes.

BPCL targets 2 GW of renewable energy capacity by 2025 and 10 GW by 2035, investing in wind and solar projects to power its refineries.

The company is expanding EV charging infrastructure and biofuel initiatives, aiming to install fast chargers on major highways and produce compressed biogas.

BPCL emphasizes safety, reliability, and corporate governance as it navigates India’s evolving energy landscape, aspiring to meet 7-10% of the nation’s primary energy demand by 2047.