CHENNAI: Oil marketing major Bharat Petroleum Corporation plans to venture into gas business, which will be the company’s next value chain. BPCL said it is looking at Rs 1 lakh crore capital expenditure in the next five years for cost-competitive acquisitions, marketing, technological upgrades and refinery.
“We want our market cap to reach Rs 2.5 lakh crore. That is 2.5 times increase of what it is now,” said BPCL chairman and managing director D Rajkumar.
The company has also bought one million barrels each of oil from the US - in two consignments. In a first, the company which is largely dependent on OPEC nations for oil imports, buys crude from the US.
“We have bought Texas sweet crude with low sulphur and a heavy grade crude.
This is part of our plan to diversify its procurement and sourcing and to reduce geopolitical risk, by not being dependent on one region for our oil and gas supply,” he said here on Thursday, while announcing the revised commission for its dealers and the benefits it would bring in for the company.
BPCL has increased the commission offered to its dealers up to 50 per cent from August 1.