{"id":7267,"date":"2023-08-28T12:34:30","date_gmt":"2023-08-28T12:34:30","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=7267"},"modified":"2023-08-28T12:34:31","modified_gmt":"2023-08-28T12:34:31","slug":"indian-refiner-bpcl-to-spend-18-16-bln-in-oil-green-energy-over-5-years","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/7267\/","title":{"rendered":"Indian refiner BPCL to spend $18.16 bln in oil, green energy over 5 years"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Indian refiner Bharat Petroleum Corp\u00a0plans to invest $18.16 billion over five years to grow its oil business and expand its renewable energy portfolio as it aims for a 2040 net zero goal, Chairman G Krishnakumar said on Monday.<\/p>\n\n\n\n<p>Companies in India, the world&#8217;s third largest emitter of greenhouse gases, are investing billions of dollars to cut their emissions, but they are also investing in fossil fuel as India&#8217;s economic expansion is expected to drive petrochemical and fuel demand.<\/p>\n\n\n\n<p>The nation has set itself a target to reach net zero by 2070. Many Western countries have set a mid-century goal to meet net zero, although\u00a0political pressure\u00a0has put some of their decarbonisation plans at risk.<\/p>\n\n\n\n<p>&#8220;The company has set a planned capex outlay of around 1.5 trillion rupees ($18.16 billion) in the next five years, which will enable BPCL to create long-term value for our stakeholders while preserving our planet for future generations,&#8221; Krishnakumar told an annual shareholders meeting.<\/p>\n\n\n\n<p>He did not specify how much would be spent on core oil business versus clean fuel projects.<\/p>\n\n\n\n<p>Krishnakumar, however, said BPCL would invest 1 trillion rupees between now and 2040 for projects including green hydrogen, carbon capture, utilisation, and storage (CCUS) and on improving energy efficiency to cut emissions.<\/p>\n\n\n\n<p>The company hopes to own 1 gigawatt (GW) of renewable energy capacity by 2025 and 10 GW by 2040.<\/p>\n\n\n\n<p>It will invest 10 billion rupees to set up 50 megawatts of captive wind power plants for its 240,000 barrels per day (bpd) Mumbai refinery and Bina refinery in central India.<\/p>\n\n\n\n<p>BPCL is building a 490-billion rupee ethylene cracker at the 156,000 barrels per day (bpd) Bina refinery to raise the share of petrochemicals in its business to 8%. It is also expanding Bina refinery&#8217;s capacity to 220,000 bpd.<\/p>\n\n\n\n<p>In addition, BPCL is considering adding a Polypropylene project to its 310,000 bpd Kochi refinery in Southern India.<\/p>\n\n\n\n<p>Krishnakumar said the annual fuel deficit in northern India is projected to reach 10 million tonnes this year.<\/p>\n\n\n\n<p>He said BPCL would also invest 375 billion rupees in infrastructure to sell natural gas to households, automobiles and small industries.<\/p>\n\n\n\n<p>($1 = 82.6060 Indian rupees)<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-08-28T12:34:31+00:00\"> 28 August 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Indian refiner Bharat Petroleum Corp\u00a0plans to invest $18.16 billion over five years to grow its oil business and expand its renewable energy portfolio as it aims for a 2040 net zero goal, Chairman G Krishnakumar said on Monday. Companies in India, the world&#8217;s third largest emitter of greenhouse gases, are [&hellip;]","protected":false},"author":1,"featured_media":7268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,35],"tags":[],"services":[],"class_list":["post-7267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-topnews"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/7267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=7267"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/7267\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/7268"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=7267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=7267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=7267"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=7267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}