The country’s leading oil marketing company Bharat Petroleum Corporation Limited (BPCL) said on Tuesday that the company would invest Rs 10,000 crore over the next 5 years. The company has been licensed through the latest insurance rounds to set up gas distribution networks in cities.
Similarly, in 6 geographical areas of BPCL, the distribution of cooking gas in automobiles CNG is licensed for natural gas through retail and pipelines. BPCL said that after the announcement of the results of the bidding, the Company’s estimated investment in the City Gas Distribution (CGD) network will be around Rs 22,000 crore.
As a result, the company has informed that it will invest Rs 10,000 crore for the development of 23 Gas (Geographical areas) with 6 new GAs. BPCL has won 6 GAs in 19 districts for setting up a City Gas Distribution (CGD) network in the 11th bridging round of the Petroleum and Natural Gas Regulatory Authority (PNGRB).
BPCL’s CGD approach will take a 33% stake in JV. It now covers 94 districts in 18 states of India, while the company will reach out to customers through 48 more GAs. Of the 61 GAs awarded the tender in the eleventh round of CGD printing, Mega Engineering and Infrastructure Limited received 15 licenses.
Adani Total Gas Limited 14 and the National Oil Corporation of India (IOC) got the highest possible 9GAs. BPCL has acquired city gas licenses for 38 GAs in Kochi, Kerala and Madhya Pradesh, including the ownership of the Mumbai refinery.
According to its Farm Strategic Aspiration 2022-27 plan, more than 3 times as much gasoline is planned in the next 5 years. This is part of the company’s CGD bid program. The government wants to double its share of natural gas use.
It wants to increase its share of the country’s primary energy sector from 6.2% to 15% by 2030. This will help reduce the amount of carbon dioxide in the cooking and industrial sectors.