Throughout the next five years, BPCL plans to invest Rs 1.7 lakh crore

State-run Bharat Petroleum Corporation will invest Rs 1.7 lakh crore over the next five years. The company will make this investment in its core business of oil refining and fuel sales as well as in new areas like petrochemicals and green energy. BPCL, which is held by the government, has around 14 percent of India's refining capacity and a quarter of the fuel retail market.

BPCL is currently implementing Project Aspire — the first phase in BPCL's multi-decade aspirational journey, company chairman G Krishnakumar said in his annual report. It draws on two fundamental pillars in its five-year strategic framework. This consists of advertising and core business marketing, to invest in upcoming projects. Krishna Kumar said, 'Our medium-term strategy continues.

Under this, on one hand, while we are promoting our core business 'refining and marketing of petroleum products' and exploration and production activities, on the other hand, we are equally focusing on key areas like petrochemicals, gas, green energy, non-fuel retail, and digital. He said, 'Capital expenditure of about Rs 1.70 lakh crore will be made in five years under Project Aspire.' The company has set a target of net zero carbon emissions from its operations by 2040.

It is implementing new petrochemical projects in two of its three oil refineries. The ethylene cracker project is being implemented at Bina refinery in Madhya Pradesh with an investment of Rs 49,000 crore. Also, by 2029, the oil refining capacity will be increased from the current 78 lakh tonnes to 1.1 crore tonnes per annum. In addition, a polypropylene project is being set up at the Kochi refinery in Kerala. It is expected to be operational by 2027.'