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Bond Market News
BPCL to Spend ~$18bn on Petchem, Gas business
August 16, 2022
India’s state-owned refiner BPCL has planned a capex outlay of around INR 1.4tn (~$18bn) in the next five years for future expansion in sectors such as petrochemicals, gas, renewables, consumer retailing, E-mobility, and upstream, as mentioned in its recently released annual report. The company will seek to focus on non-fuel businesses for additional growth. BPCL has set a target to achieve Net Zero carbon emissions by 2040 and to reach a renewable energy generation capacity of 1GW by 2025 and 10 GW by 2040. The company will also build petchem facilities at its Bina and Kochi oil refineries. BPCL has firmed up plans to diversify and expand in its related businesses to generate additional revenue and provide a buffer against any possible future decline in the fossil-fuel segment. BPCL has 14% share in India’s oil refining capacity at 251.2mn tonnes.
BPCL’s USD 4% 2025 was up 0.07 points 99.13, yielding 4.34%.
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