The company would reportedly set up solar and wind power farms in various states including Madhya Pradesh, Uttar Pradesh and Maharashtra.

State government will provide interest-free loan of Rs 500 crore to BPCL through Madhya Pradesh Industrial Development Corporation.

MUMBAI, 20 APRIL, 2023 (GPN): Oil refining and marketing company Bharat Petroleum Corporation Ltd. (BPCL) aims to establish 240 MW of renewable power facilities. The company would reportedly set up solar and wind power farms in various states including Madhya Pradesh, Uttar Pradesh and Maharashtra.

According to the reports, the estimated cost of the project would be INR 1,600 crore. While 50 MW solar projects are under construction, the state-run company is initially aiming for a captive requirement for its refineries, which is 350 MW.

Earlier on Friday BPCL said it had received approval from the Madhya Pradesh state government for expanding its Bina refinery and setting up a petrochemical project.

Bharat Petroleum will invest 430 billion rupees Approx Rs 43000 Cr ($5.27 billion) to 500 billion rupees Approx Rs 50000 Cr for the two projects, adding that the petrochemical project would start production by fiscal year 2027-28.

The BPCL had sought concessions from the government, which has been accepted by Cabinet Committee of Investment Promotion.

State government will provide interest-free loan of Rs 500 crore to BPCL through Madhya Pradesh Industrial Development Corporation.

Along with this, concession of Rs 15,000 crore in state GST will be given in 15 years. The request to provide concession of Re 1 per unit of electricity was also accepted by the government.

The production will start in 2027-28. Petroleum by-products like gasoline, diesel, ATF Jet fuel, bitumin, benzene will be produced under the project. With it, investment will grow in petroleum, chemical, petrochemical sectors in the state. Along with the feedstock in the project, many MSMEs will come up.

Cabinet committee on Investment Promotion also cleared the revised proposal given by Inox Air Product for investment of Rs 150 crore in Mohas Babai industrial area of Narmadapuram.

It will produce 200 tons of cryogenic medical and industrial gas per day through air suppression unit, using world-class technique. This will boost supply of medical oxygen in the state. Industrial policy and investment promotion minister Rajvardhan Singh Dattigaon, MSME minister Omprakash Saklecha and other members of cabinet committee for investment promotion were present at the meeting.

A company spokesperson revealed that BPCL is looking for organic as well as in-organic opportunities and planning to target a bid for industry tenders in the future.

BPCL has previously accomplished various small solar projects. The Maharatna PSU, which is also a Fortune Global 500 company, now seems to be confident to undertake bigger projects and would be participating in renewable energy tenders going forward.

By 2040, Bharat Petroleum aims to offset emissions from refining operations as well as from the energy it uses.

The company has revealed its plans to increase its renewable energy portfolio from less than 50 MW today to 1 GW and 10 GW by 2025 and 2040 respectively. Earlier this year, BPCL announced the launch of 19 EV fast-charging stations at 110 fuel stations along 15 highways in Karnataka, Kerala and Tamil Nadu.Ends