Hindustan Petroleum Corporation Ltd. plans to team up with Total of France, Kuwait Petroleum and Oil India Ltd. to build a US$3bln greenfield refinery at Vishakhapatnam, which would be integrated with the Rs 9,000-crore petrochemicals complex that HPCL plans to set up at the proposed SEZ there. The greenfield project is planned in lieu of expanding the existing refinery at Vishakhapatnam, instead of acquiring a stake in the expansion of its Vishakhapatnam refinery. The deal could mean building an aromatics petrochemical plant before the refinery, that is scheduled for completion in 2011.
Kuwait Petroleum had pulled out of the Paradeep refinery project as a partner with the Indian Oil Corporation at the last minute, resulting in delays in implementing the project.
12-Jun-07 
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