State-run Bharat Petroleum Corporation Ltd. (BPCL), Chairman & MD, R.K. Singh has said that exploration of oil & gas could emerge as an important growth business for the company, as per the media reports.
BPCL's overseas arm, Bharat PetroResources has already discovered oil and gas finds in Brazil and Mozambique. The company is expected to deploy gas produced from Mozambique for diversification into value-added products such as power and petrochemicals among others.
"Once upstream revenue starts coming, it will translate into greater muscle power. We want to market gas in India but if we get a higher price in some other country, the business model will change," Singh told media.
"In business, we cannot think of charity and must maximize value for our country. Gas is a global commodity and there will be competition. It would be wrong to assume that better prices are constantly guaranteed," he added.