India's state-run oil refiner, Bharat Petroleum, which the government intends to sell its stake in, has announced that it will spend 1 trillion rupees ($13.5 billion) over the next five years. To expand and diversify its business.
The bulk of the investment will be in petrochemicals, natural gas, electric mobility, consumer retail and energy sources, the company's chairman, Arun Kumar Singh, said in a virtual conference on Monday. Renewable energy and biofuels.
Singh An added, according to Al Sharq newspaper: The energy landscape is changing rapidly, and the energy transition towards a low-carbon future is accelerating. Bharat Petroleum is actively exploring new business opportunities to achieve sustainable growth.
Refiners globally are betting heavily on plastics and renewables as they seek to diversify from the increasingly difficult fuel business in a global rush to cleaner energy.
Bharat Petroleum will invest 300 billion rupees in petrochemicals to make propylene and ethylene derivatives, and will spend 200 billion rupees to expand its gas business, including selling natural gas, Singh said. Liquified as transportation fuel.
The country's second-largest fuel retailer is also planning to convert a large portion of its gas stations into power stations, providing multiple refueling options, including vehicle charging. Electric and hydrogen.
