Crude Oil Refining Company and Sembcorp Form Joint Venture to Power India's Low-Carbon Future
The stock is up by 24 per cent from its 52-week low of Rs 234.15 per share.
Bharat Petroleum Corporation Limited (BPCL), a Fortune Global 500 Company and proud 'Maharatna,' has achieved a significant milestone. Bharat Petroleum Corporation Limited (BPCL) and Sembcorp Green Hydrogen India Private Limited (SGHIPL), a wholly-owned subsidiary of Sembcorp Industries (Sembcorp), have entered into a joint venture (JV) agreement to explore renewable energy and green hydrogen projects across India. This strategic partnership aims to support India’s energy transition and development goals
The JV will explore renewable energy projects and green hydrogen production. It will also consider projects in green ammonia production & bunkering, emissions reduction for port operations and other emerging green fuel technologies. The potential projects will leverage Sembcorp’s renewables experience and BPCL’s expertise in the petroleum sector and infrastructure. Sembcorp is pursuing the use of green hydrogen and ammonia as key decarbonisation pathways. With 6GW of renewables assets in India, Sembcorp is well-positioned to enable large-scale, low-cost green hydrogen production.
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About the Company
Bharat Petroleum Corporation Ltd. (BPCL), a Fortune Global 500 company and the second-largest Indian Oil Marketing Company, is a Maharatna status integrated energy company involved in refining crude oil and marketing petroleum products across the upstream and downstream sectors. As of August 31, 2024, BPCL boasts a combined refining capacity of 35.3 MMTPA across its Mumbai, Kochi, and Bina refineries, supported by an extensive marketing and distribution network including over 23,000 fuel stations and 6,250 LPG distributorships. Committed to sustainability, BPCL aims to become a Net Zero Energy Company by 2040 for Scope 1 and 2 emissions and plans to establish EV charging stations at around 7,000 fuel stations in the next five years, while also actively engaging in community development initiatives aligned with its core purpose of 'Energising Lives' and its vision to be an admired global energy company.
The company has a market cap of Rs 1.25 lakh crore and the President of India owns a 52.98 per cent stake in the company. The company has been maintaining a healthy dividend payout of 34.2 per cent and has delivered good profit growth of 28.2 per cent CAGR over the last 5 years. On June 21, 2024, the shares of the company ex-traded bonus shares in the ratio of 1:1. The stock is up by 24 per cent from its 52-week low of Rs 234.15 per share. Investors should keep an eye on this multibagger Large-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.