NEW DELHI: State-owned Bharat Petroleum Corporation plans to
invest
Rs 1.7 lakh crore over the next five years to grow its core
oil refining
and
fuel marketing
business as well as in ‘future big bets’ of petrochemicals and green energy, its chairman G Krishnakumar has said.
Bharat Petroleum Corporation (
BPCL
), currently, owns about 14% of India’s oil refining capacity and about a quarter of the fuel retailing network.
It plans to grow these businesses while foraying into newer areas.
The firm is now implementing the first phase of a multi-decade aspirational journey in the form of ‘Project Aspire’ — its five-year strategic framework that is based on two fundamental pillars — ‘Nurturing the Core’ and ‘Investing in Future Big Bets’, he said in the company’s latest annual report.
“Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing petroleum products and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital.
“Project Aspire, with a planned capex outlay of around Rs 1.7 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations,” he said.
“A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.7 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the energy transition.”
