New Delhi: One of India’s leading oil and gas companies, Bharat Petroleum (BPCL) plans to invest in undertaking non-fuel business activity for growth. The state-owned company will invest Rs 1.4 lakh crore in petrochemicals, city gas, and clean energy.
In 2021, the state-owned company announced plans to invest US $4.05 billion to improve petrochemical capacity and refining efficiencies, over the next five years.
In the recent company’s annual report, the chairman and Managing Director of BPCL Shri Arun Kumar said, The era-defining trend of today for our industry is Energy Transition. As the energy landscape changes globally, the Company has been recalibrating its strategies to leverage emerging opportunities while mitigating risks. The Company has firmed up plans to diversify and expand in adjacent and alternative businesses to create additional revenue streams and provide a hedge against any possible future decline in liquid fossil-fuel business.
In this direction, six strategic areas have been identified as pillars of future growth and sustainability, viz., Petrochemicals, Gas, Renewables, New Businesses (Consumer Retailing), E-mobility, and Upstream, while the core businesses of refining and marketing petroleum products continue to serve as a solid foundation, providing stability and consistent cash flows.
The Company has laid out a detailed roadmap under each of these strategic areas and has planned a CAPEX outlay of around Rs 1.4 lakh crore in the next five years.
“I will now elaborate Company’s plans in each of these six strategic areas”, he said.
BPCL has placed topmost priority on the expansion of its petrochemicals product portfolio and has taken definitive steps in this direction.
News & Image Source : psuconnect.in
