India's BPCL to Invest $11 Billion in New Refinery
On December 27, 2024, G. Krishnakumar, chairman of Bharat Petroleum Corporation Limited (BPCL), India's second-largest fuel retailer, said that the company plans to invest up to US$11 billion to build a new refinery and petrochemical plant in Andhra Pradesh, southern India.
G. Krishnakumar said, “We see a big opportunity in the refining sector. As the economy expands, India's primary energy demand itself will grow three to four times.” The refinery and petrochemical plant, for which some preliminary work has already been initiated, including land purchases, is expected to include a refinery and an ethylene cracker unit with a capacity of at least 9 million tons per year.
At present, BPCL operates three refineries in India. The company and other Indian refiners are seeking to increase crude oil processing and petrochemical capacity to meet the growing demand of India, the world's third-largest crude oil importer. In early December 2024, Sanjay Khanna, head of BPCL's refining business, said the company plans to increase its refining capacity to 10 million tons/year by 2028.
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