Bharat Petroleum Corporation Ltd proposes to raise Rs 1,000 crore to finance its capital expenditure plans, it is learnt. The PSU refiner will issue bonds bearing 7.73 per cent interest with maturity in October 2012. For the current year, BPCL plans to invest Rs 3,000 crore in its capex plan, up 30 per cent from 2008-09.
BPCL is increasing capacity at its 7.5-million tpa refinery at Kochi in Kerala to 9.5 million tonnes and is building a greenfield 6-million tpa plant at Bina in Madhya Pradesh. Work at the two plants will be completed by December.
In the upstream sector that is being looked after a wholly-owned subsidiary Bharat PetroResources, BPCL is likely to infuse Rs 1,000 crore. BPRL has participating interest in 27 exploration blocks in India and overseas. Apart from this BPCL is likely to invest Rs 450-500 crore on setting up 500 petrol stations across India, adding to its existing 8,500-odd petrol pumps.