New Delhi: Public sector Bharat Petroleum Corporation will invest Rs 1.7 lakh crore in the next five years. The company will invest this money to expand its core business of oil refining and fuel sales as well as in new areas like petrochemicals and green energy. BPCL currently has about 14 percent of the country's total oil refining capacity and about a quarter of the fuel retail network.

In its annual report, company chairman G Krishnakumar said BPCL is now implementing the first phase of a multi-decade aspirational journey known as 'Project Aspire'. Its five-year strategic framework is based on two fundamental pillars: promotion of core business and investment in future projects. "Our medium-term strategy continues," Krishnakumar said.

Under this, while on one hand 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.

BPCL will invest 49 thousand crores in Bina refinery

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