The state-owned Bharat Petroleum Corporation intends to invest Rs 1.7 lakh crore over the next five years to expand not only in its future big bets of petrochemicals and green energy, but also in its core businesses of gasoline marketing and oil refining, said chairman G Krishnakumar.

According to  Krishnakumar, “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 comprising petrochemicals, gas, green energy, non-fuel retail, and digital. 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,” he said.

Currently, Bharat Petroleum Corporation  (BPCL) controls roughly 25 per cent of the fuel retailing network and 14 per cent of India’s oil refining capacity. It intends to expand into more recent markets while growing these companies.

According to the company’s most recent annual report, ‘Project Aspire’, a five-year strategy framework built on the two key pillars of ‘Nurturing the Core’ and ‘Investing in Future Big Bets’, is the first part of the firm’s multi-decade aspirational journey.