In the next five years, Bharat Petroleum Corporation Ltd (BPCL), India’s second-largest oil refining and marketing company, will invest Rs 1.4 lakh crore in petrochemicals, city gas, and clean energy.
In the company’s most recent annual report, its chairman and managing director, Arun Kumar Singh, stated that the global energy landscape is changing and that the company is recalibrating its strategies to capitalise on emerging opportunities while mitigating risks.
“The company has firmed up plans to diversify and expand in adjacent and alternative businesses to create additional revenue streams,” Singh said.
The company has identified two new refinery-integrated petrochemical projects to expand its petrochemicals product portfolio: a 1.2 MMTPA Ethylene Cracker unit at Bina Refinery and a 0.4 MMTPA Polypropylene unit at Kochi Refinery.
Under the recently concluded 11th and 11A City Gas Distribution (CGD) bid rounds, BPCL secured licences for 8 new geographical areas (GAs) in the natural gas sector.
To achieve net zero emissions by 2040, the company created a new business unit called “Renewable Energy” to carry out this initiative. In addition, the company has clearly stated its RE targets of 1 GW by 2025 and 10 GW by 2040.
BPCL recently achieved ethanol blending of more than 10% in petrol and is committed to increasing blending in accordance with the government’s road map.
To address range anxiety in electric 4-wheelers, the company devised a novel concept of creating highway fast-charging corridors in the electric mobility space.
Singh described the international energy market as volatile, and he claimed that domestic oil companies’ marketing profits have taken a significant hit