BPCL to spend US$11 billion on expansion projects

India’s second-largest refiner, Bharat Petroleum Corp. Ltd. (BPCL), will invest Rs 50,000 crore (US$11.2 billion) in an array of refining, retail and upstream projects over the next five years. Chairman R.K. Singh, said, “There has been no significant infrastructure addition since the ’80s and we need to invest that kind of money to keep pace with growth.” The company plans to increase the annual capacity of its three refineries by 10 million tons to 40 million tons. BPCL plans to raise Rs 25,000 crore (US$5.6 billion) to fund its expansion plans. (July 12,2011)