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HPCL is in talks with BP Plc and Total SA to revive petrochem project

August 19/2011

(Plastemart) -- In a bid to revive the delayed US10 bln refinery cum petrochem project planned at Vizag, Hindustan Petroleum Corp Ltd (HPCL) is in talks with BP Plc and Total SA of France. Both the foreign partners seem to have renewed interest in the project, and the Mittal group is likely to return.

As per original plans the HPCL-led consortium included steel billionaire LN Mittal's group, Total of France, state-owned Oil India and GAIL. However, demand too weak to justify investment led to suspension of the project in 2009. It is likely that success of Rs 18.919 crore Bhatinda refinery, which has been built by an equal joint venture of HPCL and Mittal Investment Sarl in flat three-and-a-half -years, has renewed interest in the Vizag project.

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