CORPORATE
BPCL plans Rs 95,000-cr refinery and petrochemical complex in Andhra Pradesh
- IBJ Bureau
- Dec 25, 2024
BPCL will set up a refinery and petrochemical complex in the east coast of Andhra Pradesh for an estimated cost of Rs 95,000 crore.
“The pre-project activities consist of various initial studies, land identification and acquisition, preparation of detailed feasibility report, environment impact assessment, basic design engineering package and front-end engineering design,” said the company in a filing with the exchanges.
“Technical discussions between them (BPCL and Saudi Arabia) are ongoing. Saudi Arabia is looking at greenfield and strategic petroleum reserve projects in India for investments,” the official said.
In 2019, Saudi Arabia had signed an MoU with India and announced a plan to invest $100 billion in the country in sectors such as agriculture, infrastructure, manufacturing and energy. The investment plan, however, has not materialised yet.
BPCL reported a 72 per cent year-on-year drop in consolidated net profit at Rs 2,297 crore for second quarter of 2024-25 amid reduced refining margins and lower cracks. The State-run oil retailer had posted profit of Rs 8,243 crore in the same period last year.
Over the past year, BPCL shares have risen around 30 per cent in trade as compared to a 13 per cent jump in the benchmark Nifty 50 index during the same time period.
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