HPCL plans to US$1.5 bln in a project comprising refinery, naphtha cracker and aromatic plant

26-Feb-07

Hindustan Petroleum Corporation (HPCL), a public sector company, plans to set up a petrochemical complex project in Vizag, comprising of a refinery, naphtha cracker and aromatic at an investment outlay of US$1.5 billion. HPCL is looking to forge separate joint ventures with overseas and domestic companies for each of these individual projects, in which it proposed to hold majority share holding in all the three components. However the equity pattern is still to be finalised. The company has joined the Visakhapatnam Petroleum, chemicals and petrochemicals investment region (AP PCPIR) as the anchor client with a proposed establishment of 9 mln mpta capacity refinery project costing Rs 10,900 crore which is scheduled to be operational by the year 2010-11 besides expanding existing Vizag refinery's capacity to 9 mmpta from the present 7.5 mln mpta.