BPCL Bets Big on Petrochemicals and Green Energy with Rs 1.7 Lakh Crore Investment

Bharat Petroleum Corporation Limited (BPCL) plans to invest Rs 1.7 lakh crore over the next five years in oil refining, fuel marketing, petrochemicals, and green energy. The initiative, named 'Project Aspire,' aims for net-zero carbon emissions by 2040, focusing on renewable power and energy transition projects.

State-owned Bharat Petroleum Corporation (BPCL) plans to invest Rs 1.7 lakh crore over the next five years to bolster its oil refining and fuel marketing business, alongside ventures into petrochemicals and green energy, chairman G Krishnakumar announced.

BPCL, which holds about 14 percent of India's oil refining capacity and a quarter of its fuel retail market, is embarking on 'Project Aspire.' This strategic framework comprises two pillars: nurturing the core business and investing in future growth areas. The plan aims for net-zero carbon emissions by 2040, involving renewable power, green hydrogen, and carbon capture initiatives.

The company is implementing green energy projects, including 2 gigawatts of renewable energy by 2025 and 10 gigawatts by 2035. BPCL is also focusing on electric vehicle infrastructure, planning 6,000 fast chargers across highway corridors in the next five years. The venture will help India meet its ambitious energy goals, including a shift to a 30 trillion USD developed economy by 2047.

(With inputs from agencies.)