BPCL To Invest Rs 1.7 Lakh Cr Over Next 5 Years Under 'Project Aspire’

 BW Online Bureau  Aug 19, 2024

# BPCL

BPCL To Invest Rs 1.7 Lakh Cr Over Next 5 Years Under 'Project Aspire’ (businessworld.in)

As part of its five-year strategic plan, BPCL aims to focus on strengthening its core operations and investing in emerging sectors like petrochemicals, gas, green energy, non-fuel retail and digital initiatives

Bharat Petroleum (BPCL), a state-owned enterprise, plans to invest Rs 1.7 lakh crore over the next five years in petrochemicals, green energy, fuel marketing and oil refining.

As part of its five-year strategic plan, 'Project Aspire,' BPCL aims to focus on two key areas: strengthening its core operations (refining, marketing, and upstream petroleum products) and investing in emerging sectors like petrochemicals, gas, green energy, non-fuel retail and digital initiatives, according to its Annual Report.

BPCL is working on petrochemical projects at two of its refineries. This includes a Rs 49,000 crore ethylene cracker project at the Bina refinery in Madhya Pradesh, set to increase its refining capacity from 7.8 million tonnes to 11 million tonnes by 2029, and a polypropylene project at the Kochi refinery in Kerala, planned for 2027, said BPCL Chairman and MD G. Krishnakumar.

The company also plans to install fast chargers for four-wheelers at 6,000 retail outlets across 400 highway corridors over the next five years. Currently, BPCL has over 3,000 EV charging stations, including 900 fast chargers on 120 highway corridors.

BPCL is expanding its renewable energy efforts, targeting 2 GW capacity by 2025 and 10 GW by 2035. This includes Rs 1,000 crore for two 50 MW wind power plants and Rs 300 crore for a 72 MW solar project. BPCL is also developing green hydrogen projects, including a 5 MW electrolyser plant at the Bina refinery while focusing on biofuels by selling petrol blended with 20 per cent ethanol at 4,279 outlets and building compressed biogas plants.

Currently, BPCL accounts for 14 per cent of India’s oil refining capacity and 25 per cent of the fuel retail network. The company is also setting up a corporate venture capital fund to invest in promising startups.