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BPCL to spend Rs 1.4 lakh crores on petrochemicals and gas business

BPCL to spend

BPCL to spend Rs 1.4 lakh cr on petrochemicals

BPCL to spend – As it seeks to non-fuel sectors for growth, state-owned Bharat Petroleum Corporation Ltd (BPCL) will invest Rs 1.4 lakh crore in petrochemicals, city gas, and renewable energy over the next five years. According to its chairman and managing director Arun Kumar Singh, BPCL, the second-largest oil refining and fuel marketing corporation in the country, is “recalibrating its plans to harness emerging opportunities while limiting risks.” Oil firms are looking at businesses to de-risk their core hydrocarbon operations as nations around the world choose cleaner, carbon-free fuel. As the use of hydrogen and electric mobility increases, gas is being considered as a transition fuel. 
According to him, the corporation has “firmed up plans to diversify and expand in adjacent and alternative companies to establish additional revenue streams and provide a buffer against any potential future fall in the liquid fossil-fuel market.” In addition to selling gasoline and diesel at the bunks, BPCL, which controls 20,217 of the 83,685 gas stations in the nation, is also considering offering EV charging and fuels of the future, such as hydrogen. We are committed to and making work toward converting our fuel stations into energy stations, where all forms of energy solutions for mobility, such gasoline, diesel, natural gas, EV solutions, flexi fuels, and eventually hydrogen, would be available, he said.

BPCL to spend

14% of India’s 251.2 million tonnes of oil refining capacity is owned by BPCL. It operates refineries in Mumbai, Kochi, and Bina, also in Madhya Pradesh. He stated that the foundational areas for continued growth and sustainability are six crucial areas. Petrochemicals, gas, renewable energy, new ventures (consumer retailing), e-mobility, and upstream are some of these, but the fundamental industries of petroleum product marketing and refining continue to act as a strong foundation, ensuring stability and reliable cash flows. 
The organization has integrated its solutions for both fuel and non-fuel. In order to appeal to the lowest common denominator in the Indian market, it has on the one hand hired rural women entrepreneurs known as “Urja Devis” and on the other created 30 new “In & Out” stores at gas stations. In the upcoming year, “our goal is to open 1,500 ‘In & Out’ businesses and hire 15,000 Urja Devis,” he declared. For the 900 km Chennai-Trichy-Madurai-Chennai highway (NH-45) to be developed as a Highway Fast Charging Corridor as a pilot project, BPCL has developed a novel concept of building Highway Fast Charging Corridors to alleviate range anxiety related to electric 4-wheelers. As the market expands, BPCL intends to grow in this area as well. 
On the upstream front, its wholly owned upstream subsidiary, Bharat PetroResources Limited (BPRL), is pursuing oil and gas development projects from Brazil to Mozambique. In order to lessen reliance on foreign oil companies to serve its markets, he said, BPCL has “been focused on establishing extra capabilities and enhancing its infrastructure over the years.”