The Rajasthan Government and Hindustan Petroleum Corporation Limited (HPCL) have signed a joint venture agreement to set up a refinery-cum-petrochemical complex in Barmer district. State Government will hold 26% stake and HPCL will hold the balance 74% stake in the joint venture company. A joint venture company, HPCL-Rajasthan Refinery Limited, will execute the ambitious project. The agreement paves the way for establishment of an oil refinery on a government land at Pachpadra in Barmer district at an estimated cost of Rs.37,229 crore in the next four years. The refinery will source crude from the oil fields in western Rajasthan, and also import crude and manufacture various petroleum and petrochemical products. The refinery would have the capacity of 9 mln mtpa.