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Our Bureau
Mumbai, Sept. 25
Bharat Petroleum Corporation is looking at a refining capacity of 45 million tonnes in 2015-16, as part of its many goals for 'Project Dream Plan', up from the present level of 30.5 million tonnes.
Mr S. Radhakrishnan, Chairman and Managing Director, said at a press meet here on Friday that the new refining target would involve expansion of the Bina and Kochi projects. BPCL also has a 12 million-tonne refinery in Mumbai while Numaligarh in Assam has a capacity of three million tonnes.
Key growth driver
The six million-tonne Bina refinery, scheduled for commissioning in 2011-12, will be a key growth driver for BPCL's presence in North and Central India. Its capacity could be expanded to 15 million tonnes without too much of a hitch if the need so arises. This part of the country has been seeing a rapid rise in demand for petro-products and the Bina refinery is expected to play an important role in meeting this requirement.
Similarly, Kochi's capacity could be increased to a similar level from the present 9.5 million tonnes. By the time overall refinery capacity touches 45 million tonnes, BPCL expects its market share to be closer to the 33 per cent mark.
Mr Radhakrishnan said the company would also be earmarking Rs 600-1,000 crore for a foray into power. No decision has been made on the feedstock to be used as well as the potential allies for this new business.
In addition, BPCL will pump investments for its exploration and production activities, now focused in Africa and South America with the latest being the shale gas joint venture in Australia.
5-year vision
The 'Dream Plan' project follows 'Project Destiny' which was the five-year vision statement between 2005 and '10. The period till 2015-16 is particularly critical to BPCL considering that a new phase of fuel price deregulation has kicked off which means working on a series of initiatives to grow market share.
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