BPCL board approves to invest Rs 6,100 crore for green field refinery project

In its board meeting held on December 24, Bharat Petroleum Corporation Limited (BPCL) approved the commencement of pre-project activities, as per the latest regulatory filings with the stock exchanges. The approval is for establishing a Greenfield refinery and petrochemical complex on the East Coast of Andhra Pradesh. The estimated cost of the project is Rs. 6,100 crore.

The pre-project activities include various initial studies, land identification and acquisition, preparation of a Detailed Feasibility Report (DFR), Environmental Impact Assessment, Basic Design Engineering package, and Front End Engineering Design, among others.

Shares of the Maharatna Public Sector Undertaking, which is engaged in refining crude oil and marketing petroleum products, surged nearly 2.2 percent on the Bombay Stock Exchange (BSE) to Rs. 295.45 on Tuesday, following the Board's approval for preliminary activities related to the project.

The market capitalization is Rs. 1.27 lakh crore and shares of Bharat Petroleum Corporation Limited were trading positively at Rs. 292.8 around 11:50 a.m., up by approximately 1.3 percent from the previous closing price of Rs. 289.1.

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