State-run Bharat Petroleum Corporation (BPCL) plans to spend Rs 2,000 crore for hydrocarbon exploration and production (E&P) in three years. Bharat PetroResources, the company’s E&P arm, will invest Rs 1,500 crore for the development of its 24 blocks, said Chairman and Managing Director Ashok Sinha.
BPCL has floated a joint venture company called Bharat Renwable Energy along with Nandan Biomatrix and Shapoorji Pallonji & Co for producing bio-diesel. The JV firm will produce one million tonne of bio-diesel by 2015 with an investment of Rs 2,200 crore.
BPCL’ Bina refinery will be commissioned by December 2009 that will help the company meet its requirements in central and northern India, Sinha said. The company has spent Rs 9,300 crore for the Bina project, completing 75 per cent of the construction. The estimated capital outlay for the project is Rs 10,378 crore.
