HPCL to invest US$4.5 bln by 2012 on exploration, gas marketing and petrochemicals

21-Nov-07

India's state-run refiner Hindustan Petroleum Corp Ltd. plans to invest about US$4.5 bln by 2012, including on exploration, gas marketing and petrochemicals. HPCL, which runs two refineries with a total capacity of 260,000 bpd, plans to invest about US$1 billion for exploration and production over the next five years. The refiner has stakes in about 22 oil and gas blocks and is keen on buying minority stakes in producing assets. HPCL plans to raise US$1-$1.5 bln in debt to partly fund the capital expenditure plans. HPCL is keen to consider acquisition of a minority stake in producing properties overseas, but shirks from acquiring a higher stakes due to lack of experience as an operator.