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BPCL aims to achieve net zero emissions, targets 10 gigawatts in renewable energy by 2040

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Government-owned, Bharat Petroleum Corporation (BPCL) is targeting to achieve net-zero emissions by 2040. Further, the company has planned to scale up its renewable energy portfolio to 1 gigawatt by 2025 and further by 10 gigawatts by 2040. In the 69th annual general meeting on Monday, BPCL’s Chairman and Managing Director Arun Kumar Singh said, petrochemicals, gas, renewables, consumer retail, e-mobility, and upstream areas will serve as the pillars of future growth in the company.

While addressing the shareholders at the AGM, Singh said, “BPCL has articulated its aspiration to achieve net-zero emissions in Scope 1 and Scope 2 by 2040, a first among PSU Oil Marketing Companies.”

He added, “BPCL has planned to scale up its renewable energy portfolio from less than 50 megawatts today to 1 gigawatt by 2025 and 10 gigawatts by 2040.”

Talking about pillars for future growth, BPCL chairman said, “petrochemicals gas, renewables, consumer retailing, e-mobility and upstream, which will serve as pillars of future growth and create sustainable value for all stakeholders, while the core business of refining and marketing of petroleum products continues to provide stability and funding bandwidth.”

To enhance the company’s presence in the petrochemicals space, Singh said, BPCL has planned two new projects — the Ethylene Cracker project at Bina refinery and the Polypropylene project at Kochi refinery.

“Once commissioned, these will increase the share of petrochemicals in the company’s product portfolio from around 1% currently to about 8%,” Singh added.

Meanwhile, in the city gas distribution segment of the natural gas business in the country, the company has further expanded its footprint. Singh added, “On an overall basis, the company has an interest in a total of 50 GAs covering 105 districts, inclusive of JVs, and emerge as one of the top 3 CGD players in the country.”

Furthermore, in the non-fuel business, Singh said, “BPCL has decided to expand its reach and presence in the non-fuel business to offer consumables, durables, and services by leveraging BPCL’s pan-India network to offer 20,000 fuel states and over 6,200 LPG distributors.”

He added, “The business is working towards creating 1,500 In & Out stores and engaging 15,000 Urja Devis-rural women folk entrepreneurs in the year 2022-23.”

BPCL expects electric mobility to gain traction ahead.

Singh said, “With electric mobility likely to gain traction, BPCL has adopted 900 km of the Chennai-Trichy-Madurai highway (NH-45) and set up a fast-charging facility at every 100 km distance at its retail outlets on pilot basis.” Further, BPCL plans to extend this facility across 200 highway corridors with around 2,000 retail outlets in the year 2022-23, he added.

On digital transformation, the chairman said, “BPCL’s ‘Project Anubhav’ has delivered innovative applications and solutions, thereby enhancing trust, convenience, and personalisation for our esteemed customers, while improving transparency and efficiency in our operations.”

“Applications like HelloBPCL, IRIS, Urja, UFiill, Advanced Loyalty Program, and SalesBuddy are seeing increased usage day by day,” he added.

Highlighting the amalgamation of Bharat Gas Resources (BGRL) and Bharat Oman Refineries, Singh said, “with this, the company is slated to reap immense benefits of integration.”

BGRL and BORL are wholly-owned subsidiaries amalgamated with BPCL with effect from August 16 and July 1 this year respectively.

On BSE, BPCL shares closed at 326.15 apiece down by 0.91%. The company’s market cap is around 70,750.18 crore.

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