BPCL Resumes Operations on Over 2118 Stalled Projects, a Game Changing Initiative for Future Growth
- Journalist: Jaideep
India’s second largest oil marketing company, Bharat Petroleum Corporation (BPCL), has announced the resumption of around 2118 projects, requiring total expenditure of INR 503000 million in the span of three years. Among the 2118 projects, there are refinery projects, bio-refineries, petrochemicals, pipelines, marketing infrastructure projects and others. Divestment bound company, has targeted an expenditure of INR 95970 million for the current fiscal of which it has already consumed INR 16500 million. The company earlier came up with a total budget of INR 125000 million but decided to reduce it to over come the loss incurred on abrupt lockdown imposed to constrain Coronavirus uncertainties. As per the current plan, it intends to spend INR 187660 million worth to finalize 10 projects by the end of this fiscal. Out of these 10 projects, 2 of the biggest projects are in Kochi Refinery including the Propylene derivative petrochemical project and Motor Spirit block project. However, the company is facing difficulties to resume operation in these projects since April, as lockdown imposed in the country has made it impossible to deploy highly skilled foreign manpower. Two of the other large projects are 2G-Bioethanol refinery project in Odisha and LPG pipeline project in Kochi-Salem. On concerns over the economic crises following Coronavirus outbreak, BPCL has also planned a total expenditure of INR 69000 million to generate employment opportunities and to revive significant growth.