Mumbai: Bharat Petroleum Corporation Limited (BPCL) plans to increase the refining capacity of its Kochi Refinery from 15.5 million metric tonnes per annum (MMTPA) to 17 MMTPA as part of its strategy to strengthen refinery-petrochemical integration and expand its higher-value product portfolio.
BPCL Chairman and Managing Director Sanjay Khanna shared the company’s growth plans while addressing shareholders at the company’s 73rd Annual General Meeting (AGM) held in Mumbai.
Khanna highlighted BPCL’s performance during FY 2025-26 and outlined the company’s strategy to strengthen its core refining, marketing and upstream businesses while investing in new energy and digital growth areas.
BPCL to Expand Kochi Refinery Capacity
The planned Kochi expansion will increase the refinery’s capacity by 1.5 MMTPA, taking it from 15.5 MMTPA to 17 MMTPA.
According to Khanna, the expansion will:
- Strengthen operational flexibility.
- Help meet growing energy demand.
- Deepen refinery-petrochemical integration.
- Broaden BPCL’s higher-value product portfolio.
The expansion will complement the ongoing Polypropylene project at Kochi Refinery, further strengthening the integration between refining and petrochemical operations.
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BPCL Achieves Record Crude Throughput in FY26
BPCL’s refineries recorded their highest-ever crude throughput of 41.2 million metric tonnes (MMT) during FY 2025-26.
The company achieved a capacity utilisation of 116.6%, reflecting strong operational performance across its refining network.
BPCL also reported a Gross Refining Margin (GRM) of USD 11.74 per barrel during the year, which Khanna said was the highest among public-sector oil marketing companies.
The performance was attributed to reliable assets, flexible crude procurement and disciplined refinery operations.
Project Aspire Drives BPCL’s Growth Strategy
BPCL’s refinery investments are part of Project Aspire, the company’s five-year strategic programme aimed at strengthening its existing businesses while creating new growth engines.
The strategy focuses on:
- Refining
- Fuel marketing
- Upstream operations
- Petrochemicals
- Natural gas
- Green energy
- Non-fuel solutions
- Digital businesses
Khanna said Project Aspire has now moved into the execution phase, with BPCL focusing on disciplined capital allocation and timely, safe and cost-effective project implementation.
Bina Refinery Expansion to Create Integrated Energy Complex
BPCL is also progressing with a major expansion at its Bina Refinery.
The integrated refinery expansion and petrochemical project is expected to increase refining capacity from 7.8 MMTPA to more than 11 MMTPA.
The project will be complemented by an ethylene cracker and downstream petrochemical units.
Together, these developments are expected to create a large integrated energy and petrochemical complex in central India, enabling BPCL to increase its production of higher-value products.
₹14,000 Crore Mumbai Refinery Project Underway
At BPCL’s Mumbai Refinery, the company is developing a Petro Resid Fluidized Catalytic Cracker (PFCC) project with an estimated investment of around ₹14,000 crore.
The project will replace two older process units and is aimed at improving the refinery’s overall performance.
According to BPCL, the project will:
- Improve safety.
- Strengthen operational reliability.
- Enhance operational efficiency.
- Enable greater processing of high-sulphur crude.
- Convert low-value residue into higher-value products.
BPCL Invests ₹21,372 Crore in FY26
BPCL recorded consolidated capital expenditure of ₹21,372 crore during FY 2025-26.
The investment was directed towards strengthening the company’s core businesses and developing new growth opportunities across its energy portfolio.
The company is simultaneously working to diversify its energy mix by expanding beyond traditional hydrocarbons into areas such as renewables, gas, biofuels, green hydrogen and energy storage.
BPCL Focuses on Energy Security and Sustainability
During the AGM, Sanjay Khanna highlighted BPCL’s broader strategy of balancing energy security, affordability and sustainability.
He said India’s future energy system will increasingly combine hydrocarbons with alternative sources and technologies, including:
- Renewable energy
- Natural gas
- Biofuels
- Green hydrogen
- Energy storage
- Digital technologies
BPCL aims to strengthen its existing refining, marketing and upstream businesses while investing in these emerging areas to support India’s evolving energy requirements.
BPCL Leadership Participates in 73rd AGM
The 73rd Annual General Meeting was attended by senior members of BPCL’s leadership team.
Those present included:
- Sanjay Khanna, Chairman and Managing Director
- V. R. K. Gupta, Director (Finance)
- Subhankar Sen, Director (Marketing)
- Pushp Kumar Nayar, Director (HR)
- V. Kala, Company Secretary
The management reiterated its commitment to strengthening India’s energy security, supporting economic growth and building a more sustainable and self-reliant energy future.
About BPCL
Bharat Petroleum Corporation Limited (BPCL) is a state-owned integrated energy company with refining operations at Mumbai, Kochi and Bina. Its businesses span fuel marketing, LPG, aviation fuel, lubricants, natural gas, upstream exploration and clean energy, making it one of India’s major players in the energy sector.
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