State-run Bharat Petroleum Corp. Ltd. announced on Thursday that it is setting up joint ventures with Sembcorp Green Hydrogen India and GPS Renewables to fuel its energy transition goals.
In a regulatory filing, the company said it will enter into a 50:50 JV with SGHIPL to develop renewable energy and green hydrogen projects across India.
The collaboration will focus on producing, operating, and selling renewable energy and green hydrogen, along with its derivatives.
The company will finalize the definitive agreement upon receiving regulatory approvals from NITI Aayog and the Department of Investment and Public Asset Management under the Ministry of Finance.
Additionally, BPCL has approved a JV with GPS Renewables Private Ltd. to set up compressed biogas plants across India.
According to the statement, this 50:50 partnership aims to construct, operate and maintain CBG plants, contributing to BPCL’s compliance with CBG blending mandates.
Both ventures align with BPCL’s long-term goal to diversify its business and support India’s energy transition initiatives. The consideration for share capital and the authorized share capital of both joint ventures will be determined when the definitive agreements are signed.
Pipeline Expansion
On Thursday, BPCL also approved a capital expenditure of ₹1,138 crore ($135.6 million) for pipeline expansion projects.
According to an exchange filing, the board cleared the augmentation of the Cochin Coimbatore Karur Pipeline and the Irugur Devangonthi Pipeline, along with establishing a Palakkad terminal and operations point in Kerala.
The existing CCKPL pipeline, with a capacity of 3.3 million metric tonnes per annum, will see an additional 3.77 MMTPA. In contrast, the IDPL pipeline, currently under construction with a capacity of 2.4 MMTPA, will be expanded by 1.1 MMTPA.
The project is expected to be completed within 36 months after getting statutory approvals and land acquisition and will be financed through internal funding.
This expansion aims to improve the efficient evacuation of finished petroleum products from BPCL’s Kochi refinery and includes setting up associated facilities and an oil storage terminal in Palakkad.
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