BPCL Buys Crude Globally, Including Russia: CMD

Bharat Petroleum Corporation Limited (BPCL) has repeated that its crude oil buying strategy is one of great technical and commercial sense only, and that it does not hesitate to buy oil from any region, in consideration of this fact, including Russia.

Chairman and Managing Director Sanjay Khanna pointed out those refineries like BPCL do not care where the crude comes from, but only whether it is economically viable and operationally reliable."

"We do not refrain from buying oil from any region of the world. Whatever alternative ensures the highest value and the greatest reliability of our refineries — be it Russian or any other oil — is the one we take," Khanna told PTI.

On the other hand, the Detailed Feasibility Report (DFR) and the environmental clearances for BPCL's new Greenfield Refinery and Petrochemical Complex near Ramayapatnam Port, Andhra Pradesh, are the main focuses of BPCL's works in the near future. The project with a refining capacity of 9-12 million metric tonnes per annum (MMTPA) and an estimated investment of Rs 1 lakh crore ($11 billion) will become the core of the Indian downstream expansion.

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BPCL and Oil India Ltd (OIL) have agreed to sign a non-binding memorandum of understanding (MoU) that explores collaborative work on the project and the possibility of OIL taking a minority equity stake.

BPCL is on the path to reaching net zero by 2040, quite in line with India's 2070 net zero plan, through ongoing energy efficiency measures at the refinery, as per Khanna.

Besides, progress in the biofuel sector at the Bargarh complex is moving smoothly, with both 1G and 2G ethanol units, and the 2G plant is expected to be commissioned by December 2025, thus, BPCL's commitment to a sustainable energy transition is further strengthened, Khanna ​‍​‌‍​‍‌​‍​‌‍​‍‌said.