BPCL to invest ₹1 lakh crore in 5 years

BPCL is actively exploring new business opportunities for sustained growth, its chairman Arun Kumar Singh said

Bharat Petroleum Corporation Ltd (BPCL) plans to invest more than ₹1 lakh crore over the next five years in increasing petrochemical production capacity, gas business, clean fuel and augmenting marketing infrastructure, its chairman Arun Kumar Singh said on Monday

Going beyond the confines of traditional business models, and mindful of the challenges increasingly being faced by the Oil and Gas sector in the changing energy landscape, BPCL is actively exploring new business opportunities for sustained growth, Mr. Singh said at the company’s 68th Annual General Meeting conducted virtually.

“We shall be investing more than ₹1 lakh crore at the group level majorly in enhancing petrochemical capacity and improving refining efficiencies, gas proliferation, upstream oil and gas exploration and production and augmenting (fuel) marketing infrastructure,” said Mr. Singh while addressing the company’s annual general meeting.

The company was exploring opportunities in biofuels, petchem, gas, electric mobility, consumer retail and digital transformation.

“While BPCL has been engaged in the field of various adjacent and allied businesses for some time now, it has taken concrete steps to pursue these areas in a concerted manner with increased emphasis, committed resources and focused strategy,” he said.

“Towards this end, a dedicated “New Businesses” Unit has been created to venture into organized consumer retailing, leveraging our marketing network strengths.,” he added.

He said the company’s “triumphant” future is predicated on an increased contribution from these initiatives, and while they prime up, these would be bolstered by the core business of refining and marketing of petroleum products.

He said the company will support electric mobility by converting about 7,000 conventional fuel stations into energy stations.

(With PTI inputs)

Source: Read Full Article