HPCL and partners to decide on project structure and funding of Vizag refinery-cum-petrochemical plant

17-Sep-08
Hindustan Petroleum Corporation and its partners Lakshmi N Mittal, Total, GAIL and Oil India Ltd. - plan to arrive at a decision by November on the project structure and funding of the proposed 14-15 mln tpa refinery-cum-petrochemical plant at Vizag in Andhra Pradesh. A pre-feasibility study is currently underway by the five-way alliance, that expects to freeze cost of the refinery and then decide on the equity structure of the project. The report is to include a study of the demand for petrochemicals and their markets to decide if a naphtha-based petrochemical unit should be constructed along with the refinery. The pre-feasibility report that is looking at demand in India and Asia and project economies, will be ready by end of Q3-2008 after which the steering committee of the five partners will meet to decide if the project is to be taken up
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