BPCL aims to commission petrochemical projects in Kochi and Bina by 2027-2028 | Photo: Shutterstock
India’s Bharat Petroleum Corp plans to increase its integrated refining and petrochemicals capacities within the next five to seven years to meet rising energy demand, Chairman G Krishnakumar told shareholders.
India’s annual consumption of refined fuels and petrochemicals is expected to grow steadily by 4-5 percent and 7-8 percent in the “foreseeable future,” it said.
“This presents a strategic opportunity to expand refining capacity along with development of integrated petrochemical complexes,” Krishnakumar said.
BPCL is exploring building a new 180,000-300,000 barrel per day (bpd) oil refinery in the southern state of Andhra Pradesh or the northern state of Uttar Pradesh, an industry source said in July.
The new capacities will add to a project, worth Rs 1.7 trillion, that the company announced earlier this year to expand its existing facilities, including refining, fuel retailing and petrochemicals.
Earlier this year, BPCL announced plans to increase its refining capacity to 900,000 barrels per day and build two new petrochemical projects at the 310,000 bpd Kochi refinery in southern India and the 156,000 bpd Bina refinery in central India.
The state-owned company processes around 700,000 barrels of crude oil per day through its three refineries in India.
BPCL aims to commission petrochemical projects at Kochi and Bina by 2027-2028, Krishnakumar said.
Besides petrochemical projects, BPCL is also expanding the capacity of Bina refinery to 300,000 bpd by 2026. BPCL plans to add 4,000 new fuel outlets in India, taking its total to 26,000 in 5 years, Krishnakumar said.
The company has set a target of zero net carbon emissions across its operations by 2040. To achieve the net-zero goal, it is investing Rs 1 trillion in renewable energy generation, green hydrogen, compressed biogas, carbon capture, utilisation and storage, to offset its carbon emissions.
Its goal is to build 2 gigawatts of renewable energy capacity by 2025 and 10 GW by 2035, the president said.
First published: August 30, 2024 | 14:05 IS
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