Bharat Petroleum Corporation Ltd (BPCL) has announced ambitious plans to invest up to Rs 95,000 crore in a new greenfield oil refinery and petrochemical complex near Ramayapatnam Port in Andhra Pradesh. 

The project is a key component of the company's long-term capacity expansion strategy, aimed at meeting India's soaring energy demand.

According to BPCL Chairman and Managing Director Sanjay Khanna, India is expected to see the highest incremental oil demand globally by 2030, making such large-scale investments critical. 

The proposed facility is being designed with an annual refining capacity of 9 million tonnes of crude oil. This strategic move will not only bolster BPCL's refining capabilities but also diversify its portfolio by venturing deeper into petrochemicals, providing a hedge against market volatility. 

The project aligns with India's vision of becoming a global refining and petrochemical powerhouse.