HPCL in talks with potential partners including Total for its Rs 45,000 crore petrochemical project at the Vizag PCPIR

23-May-11

Hindustan Petroleum Corporation Ltd (HPCL) is in talks with potential partners including Total of France for its Rs 45,000 crore petrochemical project at the proposed PCPIR near Visakhapatnam. State-owned HPCL expects to ground the project by the end of the fiscal. About 10 companies have so far evinced interest in the PCPIR in Andhra Pradesh. HPCL is the anchor client in the project. HPCL would be keen on a partner willing to supply about 50-60% of the feedstock for the project. HPCL has already been allotted about 1,500 acres in the PCPIR by the Andhra Pradesh government. The company is now seeking allotment of another 1,000 crore for expanding the scope of the project. The petroleum major’s plan includes setting up a 350 mw captive power plant in its proposed complex, apart from the 15 mln tpa petrochemical facilities. The company already has an 8.5 mln tpa petroleum refinery in the vicinity of the proposed project. The refinery capacity too is expected to go up to 15,000 mw, entailing an investment of about Rs 10,000 crore.