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BPCL Share Price Rose 2% Announced Greenfield Refinery Complex and Solar Power Project

Updated on: Jan 16, 2025, 11:56 AM IST
BPCL to commence pre-project activities for a ₹6100 crore greenfield refinery-cum-petrochemical complex in Andhra Pradesh.
BPCL Share Price Rose 2% Announced Greenfield Refinery Complex and Solar Power Project
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On December 24, 2024, Bharat Petroleum Corporation Limited (BPCL), a state-owned refiner, through an exchange filing revealed that its Board of Directors has approved the initiation of pre-project activities for a greenfield refinery-cum-petrochemical complex on the East Coast of Andhra Pradesh. The estimated cost of the project is ₹6100 crore.

Pre-Project Activities

The pre-project phase will include various essential tasks such as:

  • Initial studies and research
  • Land identification and acquisition
  • Preparation of a Detailed Feasibility Report (DFR)
  • Conducting an Environmental Impact Assessment (EIA)
  • Basic design engineering and Front-End Engineering Design (FEED)

This complex in Andhra Pradesh is being touted as India’s last greenfield refinery project.

BPCL is also involved in a consortium planning a 60 million-tonne-per-year refinery-cum-petrochemical complex along the West Coast in Maharashtra. Conceived six years ago, this project has yet to progress due to ongoing land acquisition challenges.

BPCL’s Solar Energy Initiative

In a separate filing, BPCL announced its participation in NTPC’s tender for selecting solar power generators to establish 1200 MW ISTS-connected solar PV power projects across India. BPCL emerged as the lowest bidder, securing a 150 MW capacity. The project, with an estimated capital outlay of ₹756.45 crore, is expected to be developed over two years.

Upon completion, it is projected to generate annual revenues of approximately ₹100 crore by producing around 400 million units of clean energy. This initiative demonstrates BPCL’s commitment to advancing renewable energy and contributing to India’s clean energy transition.

BPCL’s Refining Capacity

BPCL is currently India’s third-largest oil refiner, following Indian Oil Corporation (IOC) and Reliance Industries Ltd. The company operates refineries at:

  • Mumbai (12 million tonnes per year capacity)
  • Kochi in Kerala (15.5 million tonnes)
  • Bina in Madhya Pradesh (7.8 million tonnes)

BPCL had previously planned to privatise a fourth refinery, but the deal was scrapped when Oil India Ltd acquired it instead. On December 26, 2024, BPCL share price opened at ₹295.80, reaching a high of ₹299.20 at 09:55 AM.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in securities market are subject to market risks, read all the related documents carefully before investing.

Published on: Dec 26, 2024, 10:11 AM IST

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