HPCL to divest upto 50% stake in proposed Vizag refinery

01-Nov-06

Hindustan Petroleum Corporation (HPCL) is in talks with Total of France and also Kuwait Petroleum to divest upto 50% stake in the proposed 15 mln mtpa Vizag refinery. HPCL proposes to invest over Rs 180 billion for expanding the refinery and for setting up a petrochemical complex via a new SPV to be formed on the lines of the Bhatinda refinery. HPCL has also firmed up plans to offload 50% stake in its 9 mln mtpa Bhatinda refinery to Oil India (OIL). Earlier British Petroleum had backed out of this project even after signing an expression of interest. Both the refineries are expected to be on stream by 2010-11.