Team Blitz India
NEW DELHI: Bharat Petroleum Corporatin Limited (BPCL) is planning to set up a new 12 million metric tonnes per annum (MMTPA) refinery in the country, according to a report in The Economic Times.
The state-run oil marketing company will invest around Rs 50,000 crore in the project and is currently assessing locations in three states — Andhra Pradesh, Uttar Pradesh, and Gujarat.
The report quoted an official as saying, “The BPCL is planning another refinery either on the east coast or on the west coast as India needs more refineries to meet the increasing fuel demand. Talks are at a preliminary stage.”
The official added that the company may also consider Uttar Pradesh to set up the new refinery.Last month, BPCL Chairman G Krishnakumar announced that the company plans to increase its refining capacity to 45 MMTPA by FY29.
BPCL operates three refineries located in Mumbai, Kochi, and Bina (Madhya Pradesh), with a combined annual refining capacity of around 36 MMTPA.
The BPCL plans to invest around Rs 1.7 trillion over the next five years in its core businesses of oil refining, fuel marketing, petrochemicals, and clean energy. Of this total capital expenditure, Rs 75,000 crore is allocated for refineries and petrochemical projects, Rs 8,000 crore for pipeline projects, and more than Rs 20,000 crore for its marketing business, the report said.
