India's BPCL seeks renewable energy investments abroad

Bharat Petrol Corp. (BPCL), a state-run refiner in India, is scouting for global opportunities. These include strategic investments, acquisitions, and?solar wind and hydropower.

The refiner will continue to expand refineries and pursue renewable energy, but stresses that conventional fuels are still essential for meeting India's rapidly growing energy demand.

You have to keep up with the growth. "It is not green or conventional, you must go together," Subhankar Sen (BPCL director of marketing) told? On the?sidelines the India Energy Week Conference.

India is the third largest emitter of greenhouse gasses in the world. Companies are investing billions to reduce emissions and also to expand fossil fuels. Economic growth will drive demand for petrochemicals and fuels.

The country has set the goal of achieving net zero by 2070.

Sen said BPCL had set up a dedicated team for mergers and acquisitions to pursue new opportunities.

The strategy is designed to complement BPCL’s expansion plans as it aims to build up 2 gigawatts renewable capacity by the year 2028. (Reporting and editing by Mayank Bhhardwaj, Elaine Hardcastle; Anjana Anil and Tanay Dhumal)

(source: Reuters)