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Bharat Petroleum Corp (BPCL) on August 28 announced that in the next five years, it will spend around Rs 1.5 lakh crore (Rs 1.5 trillion) towards its transformative initiative, 'Project Aspire'.

As part of Project Aspire the state-owned oil marketing company (OMC) will grow its oil business and expand its renewable energy portfolio as it aims for a 2040 net-zero goal, Chairman and Managing Director G Krishnakumar said at its 70th annual general meeting.

"The company has set a planned capex outlay of around Rs 1.5 trillion in the next five years, which will enable BPCL to create long-term value for our stakeholders while preserving our planet for future generations," Krishnakumar said at the meeting.

Krishnakumar also said BPCL would invest Rs 1 trillion between now and 2040 for projects including green hydrogen, carbon capture, utilisation, and storage (CCUS) and on improving energy efficiency to cut emissions.

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