State-owned Bharat Petroleum Corporation Ltd (BPCL) on Thursday (September 12) announced that its board of directors has approved a capital investment of ₹1,138 crore to expand the capacity of the Cochin-Coimbatore-Karur Pipeline (CCKPL) and the under-construction Irugur-Devangonthi Pipeline (IDPL).

“..we wish to inform you that the Board of Directors at its meeting held on 12th September 2024 has approved the augmentation of the Cochin Coimbatore Karur Pipeline (CCKPL) and Irugur Devangonthi Pipeline (IDPL) along with the setting up of Palakkad TOP Kerala,” according to a stock exchange filing.

Also Read: BPCL approves green energy JVs with Sembcorp and GPS Renewables

The expansion also includes establishing an oil storage terminal at Palakkad, Kerala. The capacity of the CCKPL pipeline will be increased from 3.3 MMTPA to 7 MMTPA, while the IDPL pipeline will see an additional 1.1 MMTPA, bringing its total to 3.5 MMTPA once completed.

The project, aimed at improving the evacuation of finished petroleum products from BPCL’s Kochi Refinery, is expected to be completed within 36 months, pending statutory approvals and land acquisition. The investment will be financed through BPCL’s internal accruals.

Shares of Bharat Petroleum Corporation Ltd ended at ₹343.55, up by ₹3.25, or 0.96% on the BSE.

Also Read: BPCL Q1 Results: Net profit a miss; Refining margins surpass estimates