Hindustan Petroleum Corp revives plans to of a US$10 bln refinery-cum-petrochemical project in Vizag

28-May-11

Hindustan Petroleum Corporation (HPCL) in talks with various entities in a bid to revive plans to set up a US$10 billion refinery-cum-petrochemical project in Vizag. This project had been put on hold by a HPCL-led consortium in 2007. The company is presently in talks with Oil India Limited (OIL) and GAIL (India) and is also open to taking in a foreign partner to implement the project. The company plans to invest Rs.45,000 crore, mostly in refinery capacity additions, in six years beginning 2011-12. HPCL's Vizag refinery capacity is being expanded while a new unit is being planned in Maharashtra. The company's 9 mln tons Bhatinda refinery in Punjab will be mechanically completed in August/September and will be fully commissioned by year-end.