Bharat Petroleum Corporation Limited (BPCL) is planning to set up a new 12 million metric tons 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 evaluating sites in three states – Andhra Pradesh, Uttar Pradesh and Gujarat.
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The report quoted an official as saying, “BPCL is planning another refinery either on the east or west coast as India needs more refineries to meet the growing fuel demand. Talks are at a preliminary stage.”
The official added that the company may also consider Uttar Pradesh for 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 in Mumbai, Kochi and Bina (Madhya Pradesh) with a combined annual refining capacity of about 36 MMTPA.
Rs 1.7 trillion investment over next five years
BPCL plans to invest around Rs 1.7 trillion over the next five years in its core businesses of refining, fuel marketing, petrochemicals and clean energy. Out of this total capital expenditure, Rs 75,000 crore is earmarked for refinery and petrochemical projects, Rs 8,000 crore for pipeline projects and over Rs 20,000 crore for its marketing business, the report said.
