As it focuses to non-fuel sectors for development, state-owned Bharat Petroleum Corporation Ltd (BPCL) will invest Rs 1.4 lakh crore in petrochemicals, city gas, and renewable energy over the next five years. According to its chairman and managing director Arun Kumar Singh, BPCL, the second-largest oil refining and fuel marketing corporation in the country, is “recalibrating its plans to harness emerging possibilities while limiting risks.”
Oil firms are looking at businesses to de-risk their core hydrocarbon operations as nations across the world choose greener, carbon-free fuel. As the use of hydrogen and electric mobility increases, gas is being considered as a transition fuel.
“The company has firmed up plans to diversify and expand in adjacent and alternative businesses to create additional revenue streams and provide a hedge against any possible future decline in liquid fossil-fuel business,” he said.
