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BPCL is evaluating a greenfield refinery and petrochemical complex near Ramayapatnam Port in Andhra Pradesh to expand its refining and petrochemical capacity amid growing domestic energy demand. Pre-project activities are underway, with earlier estimates suggesting a 9 million tonnes per year unit costing around INR 95,000 crore. The company's Project Aspire aims to strengthen core operations in refining, petrochemicals, and renewables. BPCL currently operates three refineries, is upgrading Mumbai Refinery, and has ongoing petrochemical projects at Bina and Kochi. It is also developing renewable energy and green hydrogen projects, targeting net zero emissions by 2040.
Bharat Petroleum Corporation Ltd (BPCL) is considering the development of a greenfield oil refinery and petrochemical complex near Ramayapatnam Port in Andhra Pradesh, aiming to strengthen its refining and petrochemical capacity amid India's rising energy demand. The company is currently assessing the feasibility of the project, which would be a significant addition to its infrastructure and support the country's growing consumption of petroleum products. Advertisement
Sanjay Khanna, chairman and managing director of BPCL, explained at the company's recent shareholder meeting that India is expected to see an incremental oil demand of 1 million barrels per day by 2030, the highest in the world. By comparison, global oil demand is projected to grow by 2.5 million barrels per day in the same period. Currently, India consumes around 5.5 million barrels of oil daily.
Khanna added that pre-project activities for the Ramayapatnam refinery-cum-petrochemical complex have already begun. While BPCL has not disclosed detailed financials or planned capacity, the company had earlier indicated that a 9 million tonnes per year unit could cost around INR 95,000 crore. He stated that this strategic investment would expand BPCL's petrochemical offerings, provide a long-term hedge against petroleum product fluctuations, and support India's ambition of becoming a global hub for refining and petrochemicals.
The company is advancing 'Project Aspire,' aimed at strengthening its core operations in refining, marketing, and upstream sectors while also focusing on petrochemicals, renewables, green hydrogen, biofuels, and natural gas. Khanna described it as a guiding philosophy that will shape BPCL's growth over the next fifty years.
From a single refinery processing 3.8 million tonnes of crude per year, BPCL has grown to operate three refineries with a combined capacity of 40.5 million tonnes. Its product sales have increased from 3.6 million tonnes fifty years ago to over 52.4 million tonnes today. Turnover has risen from INR 552 crore to more than INR 5 lakh crore, while profits have increased from INR 1.7 crore to INR 13,275 crore. Khanna emphasized that this growth reflects the company's scale, discipline, and contribution to nation-building.
Among its ongoing initiatives, BPCL is upgrading its Mumbai Refinery, replacing older catalytic cracking units with a modern Petro Resid Fluidized Catalytic Cracking Unit and associated facilities at a cost of INR 14,200 crore. The company is also advancing major petrochemical projects at Bina in Madhya Pradesh and Kochi in Kerala, with a combined capital investment of INR 54,000 crore, progressing as planned in both execution and financing.
BPCL has committed to achieving net zero emissions by 2040 and aims to build a 10 GW renewable energy portfolio by 2035. Currently, its renewable projects include around 155 MW from solar and wind power, with ongoing developments such as a 71 MW solar plant at Prayagraj and two 50 MW wind farms in Madhya Pradesh and Maharashtra. To accelerate its renewable ambitions, BPCL has formed a joint venture with Sembcorp Green Hydrogen India Private Limited to pursue large-scale renewable energy and green hydrogen projects nationwide.
In green hydrogen, BPCL commissioned a 5 MW electrolyser at Bina Refinery. The company is exploring applications including hydrogen-powered buses and Vertical Take-Off and Landing (VTOL) aircraft, furthering its vision of sustainable and clean mobility.
Source PTI
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