Bharat Petroleum Corp Ltd (BPCL) has lined up investments worth $4 billion (around Rs 25,340 crore today) to increase its refining capacity, a top executive of the state-run company said on Monday.
Capacity expansion and innovation are imperatives to sustain in the present-day business environment, S. Varadarajan, Chairman and Managing Director, said at the Refinery Technology Meet here.
The company had earlier said it would increase its refining capacity from the current 30.5 million tonne a year to 47.5 mt by 2016-17.
The three-day meet, a national conclave of petroleum refinery experts, opened here on Monday with a call to enhance refinery performance to improve margin.
The 18th RTM, jointly organised by the Centre for High Technology and BPCL will see the participation of around 700 delegates and international experts in the petroleum industry.
In his inaugural address, Vivek Rae, Secretary, Petroleum and Natural Gas, underlined the need for energy security in India considering the over-dependence on crude imports.
The Petroleum Ministry along with other ministries is taking efforts to enhance energy security through exploration, he added.