Bharat Petroleum Corporation (BPCL) is gearing up for a substantial capital expenditure of ₹1.5-1.7 lakh crore over the next five years, as revealed during an analyst call discussing the state-owned oil refiner's third-quarter results.

The management aims to finalize the offer document for a rights issue of shares and endeavors to complete the issue within the current fiscal year ending in March.

The company has escalated its investment plans, surpassing the capex projection of ₹1.5 lakh crore made by Chairman and Managing Director G Krishnakumar at the previous annual general meeting.

A significant part of this investment is allocated to the ethylene cracker project in Bina, where BPCL has earmarked ₹49,000 crore, marking it as the single largest investment in the company's history.

Among the notable initiatives, BPCL anticipates restarting the stalled Mozambique gas project, a $20-billion venture that has been under force majeure since 2021 due to security concerns in the region.

Despite investing $1.6 billion in the project so far, the company expects cash flow to commence from FY28.