State-run Bharat Petroleum Corporation Ltd (BPCL) is midway through its ₹1.7 lakh crore Project Aspire and is on track to double profits and quadruple market share, with major investments spanning upstream oil and gas, petrochemicals, gas distribution, biofuels and green hydrogen, Chairman and Managing Director Sanjay Khanna said at India Energy Week (IEW) 2026 in Goa on Friday.
Speaking on the sidelines of the event, Khanna said BPCL has already spent nearly half of the planned investment under Project Aspire, launched in mid-2023, and has “almost reached” its core targets.
The programme focuses on strengthening BPCL’s refining and marketing base while building new growth engines in transition fuels and clean energy.
In upstream, BPCL expects long-delayed overseas investments to start yielding returns by 2028–29. He said that the force majeure has been lifted at the Mozambique project, where over 5,000 people are currently working, while the long-pending FPSO award for the Brazil project was finalised in November, with negotiations now progressing.
Khanna said that petrochemicals form one of BPCL’s largest future bets. The company’s ₹50,000 crore refinery expansion and petrochemical project at Bina has already seen about 76 per cent of cost commitments placed. He said that the refinery expansion is expected to be commissioned next year, while the petrochemical unit is slated to come onstream by mid-2028.
At Kochi refinery, BPCL is setting up a polypropylene unit costing over ₹5,000 crore, targeted for commissioning by the end of next year. Khanna said that once both projects are operational, BPCL’s petrochemical intensity index is expected to rise from about one per cent to about 8 per cent.
Khanna further added that the company’s CBG plant at Kochi refinery is on the verge of commissioning and is expected to be operational next month and said that the firm is also working on alternatives to ethanol blending for diesel as part of its long-term strategy.
On green hydrogen, he said that the company’s 5 MW green hydrogen plant at its Bina refinery is operational, and plans are underway to add a 5-kilotonne-per-annum unit at the same location. BPCL has also begun commercial deployment of an indigenous electrolyser showcased at an earlier IEW, with a facility set up at Kochi to supply hydrogen for mobility applications.
