Bharat Petroleum Corporation (BPCL) has unveiled a ₹1.7 lakh crore investment plan over the next five years. The investment is aimed at expanding BPCL’s core oil refining and fuel marketing businesses while also venturing into new areas such as petrochemicals and green energy.
BPCL currently holds a 14 percent share of India’s oil refining capacity and operates 25 percent of the country’s fuel retail network. The company’s strategic expansion aligns with India’s increasing energy demands, and it aims to strengthen its position in the market.
The investment is part of ‘Project Aspire,’ BPCL’s five-year strategic framework. The project is built on two pillars: ‘Nurturing the Core,’ which focuses on refining, marketing, and upstream petroleum products, and ‘Investing in Future Big Bets,’ which targets growth in petrochemicals, gas, green energy, non-fuel retail, and digital innovation.
BPCL is advancing petrochemical projects at two of its three refineries. A ₹49,000 crore ethylene cracker project is underway at the Bina refinery in Madhya Pradesh, with plans to increase oil refining capacity from 7.8 million tonnes to 11 million tonnes by 2029. Additionally, a polypropylene project is slated for completion at the Kochi refinery in Kerala by 2027.
Renewable energy
In its drive toward sustainability, BPCL has set a target to achieve net zero carbon emissions by 2040. This goal will be supported by a phased capital outlay of ₹1 lakh crore. The company is ramping up its renewable energy capabilities, aiming to develop 2 GW of capacity by 2025 and 10 GW by 2035. Notable investments include ₹1,000 crore for two 50 MW wind power plants and ₹300 crore for a 72 MWp solar project.
Green hydrogen
BPCL is also focusing on green hydrogen, with a 5 MW electrolyser plant being developed at the Bina refinery. The company is expanding its biofuels initiative, selling petrol with a 20 percent ethanol blend at 4,279 outlets and constructing compressed biogas plants.
Electric vehicle
In the electric vehicle (EV) sector, BPCL has installed over 3,000 EV charging stations, including 900 fast chargers across 120 highway corridors. The company plans to further increase this network by installing four-wheeler fast chargers at 6,000 retail outlets on 400 highway corridors over the next five years.
Looking ahead, BPCL aims to meet 7-10 percent of India’s primary energy demand by 2047, in line with the country’s ambition to become a USD 30 trillion developed economy. To support innovation, BPCL is establishing a corporate venture capital fund to invest in promising startups in the energy sector.