Fuel retailer Bharat Petroleum announced that it has signed a memorandum of understanding with Indian Solar Energy to establish 10GW of renewable energy production capacity by 2040. This move is also significant. BPCL has been marked as divestment or full privatization by the government. The process was originally scheduled to be completed in March 2022. The process is clearly behind schedule, but it does not seem to prevent PSU from committing to major strategic decisions.

India's clean energy redeployment

The company did not disclose the amount of planned investment, but said that BPCL and SECI will jointly seek business opportunities in the field of renewable energy, including solar, wind, electric vehicles, hydrogen and waste-to-energy. A 1 GW renewable energy portfolio will be established by 2025. "This cooperation marks a new field for our company and will serve as a catalyst for accelerating our journey towards net zero emissions in Scope 1 and Scope 2," said AKSingh, Chairman and Managing Director of BPCL. BPCL is China's second largest petroleum marketing company engaged in crude oil refining and petroleum product marketing, and its business covers the upstream and downstream of the oil and gas industry.

India’s goal is to achieve 175 GW of renewable energy capacity, including solar and wind power, by December 2022, and to further expand to 450 GW by 2030. In June 2021, BPCL issued a tender for the procurement of 15 megawatts of solar and non-solar renewable energy on a short-term open access basis for its oil refinery in Mahul, Mumbai. Keywords: engineering construction, engineering news

In addition, the oil and gas giant announced last month that it will build 7,000 gas stations in the next five years. The company also plans to install 1,000 charging stations during the same period. "Electric vehicle charging infrastructure is one of the five key areas where BPCL, together with petrochemicals, natural gas, consumer retail, renewable energy and biofuels, is committed to meeting the country's energy needs," BPCL Chairman Arun Kumar Singh said in a statement.Editor/XingWentao