Bharat Petroleum Corporation Plans to Invest Rs 1 Lakh Crore Towards Diversification

State-owned Bharat Petroleum Corporation Limited (BPCL), in which the government aims to sell its majority share during the current financial year, plans to pump in Rs 1 lakh crore during the next five years by diversifying in clean fuel, strengthening its petrochemical capacity as well as bolstering its gas business.

Speaking to media persons, BPCL chairman A K Singh on Monday said that the major investment will help the company in firming up its future roadmap which will have space for both conventional fuels as well as the fast emerging electric vehicles segment.

BPCL will also look to covert greater volumes of crude oil into petrochemicals, Mr Singh informed further.

BPCL, which is the country's second-biggest fuel retailer and third-largest refiner, is also planning to set up a 1,000 mw infrastructure for renewable power generation, mainly through acquisitions, the chairman said.

Biofuels as well as hydrogen production are also other key segments where the company plans to invest in the near future.

Mr Singh said that BPCL plans to convert around 7,000 of its petrol pumps into energy stations by offering multi-purpose options like refueling petrol, diesel, CNG and even charging facilities for electric vehicles.

He said that Rs 30,000 crore would be spent on improving refining capacities and augmenting petrochemical capacities, while another Rs 20,000 crore will be invested in gas proliferation.

Apart from this Mr Singh said that Rs 18,000 crore each will be spent on substantiating the fuel marketing infrastructure and on upstream oil and gas exploration and production activities.

BPCL also plans to pump in Rs 5,000 crore in renewable energy sector and an additional Rs 7,000 crore in biofuels, the BPCL chairman further said.