BPCL plans to invest Rs 1.7 trn to expand core business, new energy foray

State-owned Bharat Petroleum Corporation plans to invest Rs 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 and green energy, its chairman G Krishnakumar has said.

Bharat Petroleum Corporation Ltd (BPCL), currently, owns about 14 per cent of India's oil refining capacity and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas.

The firm 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', he said in the company's latest annual report.

"Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing petroleum products and upstream, we are equally focused on our big bets