By Our Financial Correspondent
New Delhi, Aug 20 (IVC) The public sector Bharat petroleum Corporation Limited (BPCL) plans to invest Re 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in ‘future big bets’ of petrochemicals aand green energy, said its chairman G Krishnakumar
BPCL currently owns about 14 per cent of India’s oil refining capacity and about a quarter of the fuel retailing network> It has plans to grow these businesses while foraying into newer areas.
The company is now implementing the first phase of a multi -decade aspirational journey in the form of ‘Project Aspire’- its five year strategic framework that is based on two fundamental pillars- Nurturing the Core’ and ‘Investing in Future Big Bets’, according to the company’s latest annual report .”Our mid-term strategy is on a continuum. While we remain committed to growing our core business, which include refining and marketing petroleum products and upstream , we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail and digital”, he said.
“Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations”, Krishnakumar said.
“A cornerstone of our long-term strategy, Project Aspire, with a Re 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the energy transition”.
