Bharat Petroleum Corporation Limited (BPCL), a leading public sector oil marketing company, has announced a substantial capital expenditure plan of ₹1.7 lakh crore. This investment aims to expand its existing refineries and establish new integrated refining and petrochemical capacities over the next five to seven years. The initiative is driven by the increasing energy demand in India's rapidly growing economy, as stated by BPCL Chairman G. Krishnakumar on Friday.
India's robust economic growth is fueling a significant rise in energy consumption. The consumption of petroleum products is projected to grow steadily by 4-5% annually in the coming years. Similarly, the demand for key petrochemical products is expected to increase by 7-8% annually. This scenario presents a strategic opportunity for BPCL to enhance its refining capacity and develop integrated petrochemical complexes.
Krishnakumar emphasized that BPCL aspires to become a leading player in India's petrochemical sector, capitalizing on the country's economic expansion and the corresponding rise in energy and petrochemical product demand. This ambitious plan underscores BPCL's commitment to supporting India's energy needs and contributing to the nation's economic growth.