Bharat Petroleum To Invest Rs 1 Lakh Crore For Future Preparedness

Bharat Petroleum Chairman Arun Kumar Singh said the company plans to invest over Rs 1 lakh crore in the next five years to increase petrochemical production capacity, gas business, clean fuel and augmenting marketing infrastructure. Singh added that the investment meant for future preparedness, wherein conventional fuels and zero-carbon mobility in form of electric vehicles (EVs) and hydrogen is slated to co-exist. It would enable the option to convert a greater degree of crude oil directly into high-value petrochemicals.

The fuel retailer is further looking to create a 1,000 MW portfolio of renewable power generation capacity, mostly through acquisitions while also invest in biofuels and hydrogen. At present, it has a portfolio of 45 MW of renewable capacity. 

Singh also stated that the company is targeting to convert 7,000 fuel stations to energy stations with multiple fueling options, including electric charging.

"In the years to come, BPCL has made aggressive investment plans. We shall be investing more than Rs 1 lakh crores at the group level majorly in enhancing petrochemical capacity and improving refining efficiencies (Rs 30,000 crore), gas proliferation (Rs 20,000 crore), upstream oil and gas exploration and production (Rs 18,000 crore) and augmenting (fuel) marketing infrastructure (Rs 18,000 crore)," he said.

EV charging facilities have already been installed in 44 petrol pumps in major cities, and the plan is to ramp it up to 1,000 by 2023-24.

Besides, the firm also plans to invest Rs 5,000 crore in renewable energy and another Rs 7,000 crore in biofuels. He added that BPCL too would be investing heavily in city gas networks and setting up 12 LNG fuel stations. Singh stated that BPCL has the license to retail CNG and piped natural gas in 37 geographical areas. 

According to Singh, this would be in consonance with the government's ambition to increase the share of environmentally safe natural gas in the energy basket from the present 6.3 per cent to 15 per cent by  2030. 

He informed that EV charging facilities have already been installed in 44 petrol pumps in major cities. The company ambitions to ramp it up to 1,000 by 2023-24

(With inputs from PTI)