BPCL to invest $480 mn in biodiesel-paper

BPCL to invest $480 mn in biodiesel-paper

New Delhi: A joint venture of India’s Bharat Petroleum Corp Ltd will invest Rs22 billion to produce biodiesel in about four years, the Hindu Business Line newspaper reported on Wednesday.

Bharat Renewable Energy Ltd, in which two other firms also own stakes, will initially grow jatropha plants on one million hectares of wasteland in the northern state of Uttar Pradesh to produce biodiesel, BPCL Chairman Ashok Sinha told the paper.

The government on 11 September set an ambitious 20% target for biofuel use within a decade.

India has already asked oil firms to mix ethanol with petrol to 5% of volume almost nationwide. It aims to double that to 10% from October, when the new sugarcane-crushing season begins.

State-run refiner BPCL is also considering similar projects in other parts of the country, Sinha told the newspaper.