India's state run MOC, Bharat Petroleum has set aside a capital expenditure of about $20 billion over the next five years to boost its network of retail fuel stations, and expand its refining capacity.
"India's booming economy is our tailwind. We're confident it will drive a surge in energy demand, further fueling growth in our core and new businesses. We are planning to expand our refining capacity to 45 million mt year and add 4,000 new fuel stations by 2029," BPCL Chairman G. Krishnakumar said recently, adding that BPCL was going to expand petrochemical facilities at Bina and Kochi refineries.
With the core refining business as the key focus, BPCL is scouting around for opportunities to seal term crude deals from suppliers other than from the Middle East. At the same time, the refiner is also looking to grow its aviation fueling capabilities at leading airports by setting up new infrastructure, as well as sealing strategic partnerships in the new energy space, the sources added