Coal News We love to talk!
Bharat Petroleum, which has just been upgraded to a Maharatna company, today said it has lined up capital expenditure of Rs 1.08 trillion for the next five years.
The public sector oil retailer will spend the money on capacity expansion of refineries as well as marketing and upstream activities, its chairman and managing director D Rajkumar told reporters at a post-AGM press meet here late evening.
The chairman said the company will focus primarily on going global to further expand the business, especially in upstream activities.
On the performance of the company in the year gone-by, he said both marketing and refinery businesses did well, with the refinery capacity utilisation touching 112 per cent. On the upstream front also it has done relatively well, he added.
From the upstream business, the first dividend from the Russian assets have already come, which is roughly $27 million in the first quarter, Rajkumar said. On the benefits of Maharatna status, Rajkumar said it will help the company raise cheaper funds, apart from giving it financial freedom.
"For instance, this will empower our board to sanction investments of up to Rs 5,000 crore in a single project, which is five-times more than when we were a Mini-ratna company," he said.
- Petrol price hiked by Rs 1.82 a litre Read more
- Royal Dutch Shell, RPower to set up LNG terminal in AP Read more
- Crude shock: All's not well for OMCs Read more
- Gas migration case: RIL initiates arbitration against govt Read more
- Big-oil spending cuts lower costs at top India explorer ONGC Read more
- India weighs piping diesel to Bangladesh Read more
- Odisha wants review of MoU with IOCL for Paradip refinery Read more
- Centre to pay Rs 14,715 cr royalty owned by ONGC, IOC to Gujarat, Assam Read more
- Energy to spare Read more
- Should you subscribe to IOC OFS? Read more