Bharat Petroleum Corporation Ltd. (BPCL), a state-owned company, has announced plans to invest Rs 1.7 lakh crore over the next five years. The investment will focus on expanding its core oil refining and fuel marketing business, as well as exploring new ventures in petrochemicals and green energy. The announcement was made by BPCL Chairman G Krishnakumar in the company’s latest annual report.
Currently, BPCL owns approximately 14% of India’s oil refining capacity and manages about a quarter of the country’s fuel retailing network. The company aims to grow these businesses while also moving into emerging sectors such as petrochemicals, gas, green energy, non-fuel retail, and digital initiatives.
This investment is part of BPCL’s five-year strategic plan known as ‘Project Aspire,’ which is centered on two main pillars: maintaining the company’s core operations and investing in future growth areas. Krishnakumar stated that the project is designed to create long-term value for stakeholders while contributing to environmental sustainability.
As part of its green energy initiatives, BPCL has set a target to achieve net-zero carbon emissions from its operations by 2040. The company has outlined a comprehensive plan to reach this goal, which includes investments in renewable power, green hydrogen, compressed biogas, and carbon capture and storage technologies. BPCL has also announced plans to build two gigawatts of renewable energy capacity by 2025 and expand to 10 GW by 2035.
Additionally, BPCL is making significant investments in new petrochemical projects. A Rs 49,000 crore ethylene cracker project is currently underway at its Bina refinery in Madhya Pradesh, which will also see its oil refining capacity increase from 7.8 million tonnes to 11 million tonnes annually by 2029. Another petrochemical project, focused on polypropylene production, is being developed at the Kochi refinery in Kerala and is expected to be completed by 2027.
BPCL is also making strides in the transition to electric mobility by expanding its electric vehicle (EV) charging infrastructure. The company has already installed over 3,000 charging stations, including fast chargers, across key highway corridors.
It plans to significantly increase this number over the next five years, with a focus on high-traffic routes such as the Golden Quadrilateral and the North-South/East-West highways. In addition to its domestic initiatives, BPCL is exploring the possibility of establishing new integrated refining and petrochemical capacities in India, with Andhra Pradesh being a potential location for future projects.
As part of its commitment to cleaner fuels, BPCL is also advancing its biofuel initiatives, including the production of petrol with a 20% ethanol blend and the development of compressed biogas plants. BPCL’s ambitious investment plans and strategic initiatives are aligned with India’s broader energy goals, which include significant expansions in refining capacities, increasing the share of gas in the energy mix, and reducing the country’s reliance on energy imports. As India aims to achieve net-zero emissions by 2070, BPCL is positioning itself to play a key role in the nation’s energy transition, with plans to meet 7-10% of India’s primary energy demand by 2047.
