BPCL Will Invest Rs 1.4 Lakh Crore In Petrochemical And Gas

BPCL will invest Rs 1.4 lakh crore in the petrochemical and gas business and will focus on alternative businesses.

Bharat Petroleum Corporation Limited (BPCL) will invest Rs 1.4 lakh crore in petrochemicals, urban gas, and clean energy over the next 5 years.

BPCL Chairman and Managing Director Arun Kumar Singh said in the annual report of the company.

“The company is re-evaluating its strategies to take advantage of emerging opportunities while mitigating risks.”

With countries around the world opting for clean, carbon-free fuels, oil companies are also looking for other businesses to avoid the risks of hydrocarbon operations.

With the emphasis on electric vehicles and hydrogen, companies are getting attracted to this.

“The company plans to diversify and expand into other alternative businesses to create a source of additional income and avoid the risk of any potential future downturn in the liquefied fossil-fuel business,” he added.

Out of 83,685 petrol pumps in the country, 20,217 belong to BPCL.

The company is not only selling petrol and diesel but is also providing futuristic fuels like hydrogen along with charging electric vehicles.

“The company has drawn up a detailed roadmap under each of these strategic areas and has planned a capital expenditure of about Rs 1.4 lakh crore over the next five years,” Singh said.

In this series, BPCL (Bharat Petroleum Corporation Limited) will also set up petrochemical projects at its oil refineries at Bina and Kochi.

He said that 6 such strategic areas have been identified which will prove to be the pillars of growth in the future.

BPCL is aggressively bidding for City Gas Retailing License for its expansion into Natural Gas.

The company itself and through its joint ventures are expanding into the retail business of CNG and piped natural gas in residential and industrial sectors.

Presently the company is covering 105 districts in 50 geographies.