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BPCL approves green energy JVs with Sembcorp, GPS Renewables

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Synopsis:

BPCL approved joint ventures with Sembcorp Green Hydrogen and GPS Renewables to boost renewable energy and biogas initiatives. This strategic move aligns with India's energy transition goals. BPCL's share price rose by 0.96%, closing at ₹343.55 on the BSE.

BPCL news today

On 12 September 2024, Bharat Petroleum Corporation Ltd (BPCL) announced a major step in its energy transition strategy. The state-owned oil marketing company’s board approved two significant joint ventures aimed at promoting renewable energy and contributing to India's energy transition. These partnerships mark BPCL’s commitment to diversifying its portfolio and reducing carbon emissions.

BHARAT PETROLEUM CORP LT

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348.85-19.39 (-5.26 %)

Updated - 03 October 2024
361.60day high
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347.00day low
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20754875
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Partnership with Sembcorp for renewable energy

BPCL entered into a 50:50 joint venture with Sembcorp Green Hydrogen India Private Ltd (SGHIPL). This collaboration will focus on developing renewable energy and green hydrogen projects across India. The venture’s scope includes the production, operation, and sale of renewable energy, green hydrogen, and its derivatives, such as ammonia and methanol. This initiative is a part of BPCL’s long-term vision to expand into sustainable energy sectors and reduce its reliance on fossil fuels.

The definitive agreement for this joint venture is subject to regulatory approvals from NITI Aayog and the Department of Investment and Public Asset Management (DIPAM). Once approved, this partnership will contribute significantly to India’s energy transition goals, supporting the government's ambition to achieve net-zero emissions by 2070.

JV with GPS Renewables to enhance biogas production

In another move towards sustainability, BPCL approved a 50:50 joint venture with GPS Renewables Private Ltd to establish compressed biogas (CBG) plants across the country. This partnership aligns with BPCL’s compliance with the government's CBG blending mandates, which are aimed at reducing dependence on conventional fuels. The venture will involve the construction, operation, and maintenance of these biogas plants, contributing to cleaner energy production and waste management.

Financial performance and share price movement

BPCL's move towards green energy comes after the company reported a net profit of ₹3,010 crore for the April-June 2024 quarter. While this figure was below the estimated ₹3,310 crore, BPCL's revenue stood at ₹1.13 lakh crore, surpassing expectations. Despite this, the company's net profit saw a sequential decline of 28%, attributed to various operational factors.

Following the approval of the green energy ventures, BPCL's share price closed at ₹343.55, marking a 0.96% increase. This positive market reaction reflects investor confidence in BPCL’s strategic shift towards renewable energy and biogas projects.

BPCL's joint ventures with Sembcorp and GPS Renewables underscore its commitment to supporting India's energy transition. These initiatives are expected to enhance BPCL’s renewable energy capacity and contribute to the country’s sustainable energy goals.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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