RoydadNaft –  India’s Bharat Petroleum Corp (BPCL) is scouting global opportunities, ranging from acquisitions to strategic investments in solar, wind and hydropower, a senior official at the state-run refiner said on Friday.

The refiner is pursuing renewable energy alongside refinery expansions, stressing that conventional fuels will remain critical to meeting India’s fast-growing energy demand.

“You have to keep pace with the growth. It is not either green or conventional; you have to go hand in hand,” Subhankar Sen, BPCL’s director (marketing), told Reuters on the sidelines of the India Energy Week conference.

Companies in India, the world’s third-largest emitter of greenhouse gases, are investing billions of dollars to cut emissions, while also expanding fossil fuels as economic growth is expected to drive petrochemical and fuel demand.

The nation has set a target of reaching net zero by 2070.

Sen said BPCL has set up a dedicated mergers and acquisitions team to pursue opportunities.

The strategy will complement BPCL’s expansion plans, as it targets building up to 2 gigawatts of renewable capacity by 2028.