India’s Bharat Petroleum Corp. Ltd. (BPCL) will expand its business beyond the oil industry to meet a changing energy landscape.
BPCL will invest USD13.5 billion through the next few years to help to transition from its image as a refiner to an integrated energy company.
BPCL Chairman Arun Kumar Singh commented, “The investment will help BPCL prepare for the future where conventional fuels and zero-carbon mobility in form of electronic vehicles (EVs) and hydrogen will co-exist while giving it the option to convert a greater degree of crude oil directly into high-value petrochemicals.”
The company will improve the efficiency of its refineries and boosting fuel marketing infrastructure, a sign company is preparing itself for the future as the demand for both fossil fuels would still continue to grow over the next few decades despite an acceleration of the energy transition process.
BPCL will convert around 7,000 conventional retail outlets into energy stations providing multiple fueling options such as petrol, diesel, Flexi fuels, EV charging facility, CNG, and eventually hydrogen in the medium to long term.
The company has also carefully taken measures to get into the production of niche petrochemicals by commissioning a Propylene Derivative Petrochemical Project (PDPP) at the Kochi refinery in February 2021.
Other than that, BPCL will also enter India’s gas economy with its plans for city gas distribution in 37 geographical areas.
