HPCL is in the process of reviving its US$10 bln refinery-cum-petrochemical project in Visakhapatnam and is currently in talks with various companies like Mittal Energy to enter into a joint venture partnership. The company plans to raise debt to fund the new project.
The project was first planned in 2005-06 and was expected to come up in the proposed petroleum, chemicals and petrochemicals investment region (PCPIR) at Visakhapatnam. Total France SA and Mittal Energy Investment were HPCL's partners in the project. However, in December 2008, Mittal Energy exited the project followed by Total in September 2009, after which HPCL decided to defer the project.