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HPCL and Mittal to invest USD3 bln petrochemical unit in Bhatinda

May 17/2017

MOSCOW (MRC) -- State-owned Hindustan Petroleum Corporation Ltd (HPCL) and its partner Lakshmi N Mittal will invest about USD3 bln in setting up a petrochemical complex at the Bhatinda refinery in Punjab, according to Plastemart.

HPCL-Mittal Energy Ltd (HMEL), a joint venture between HPCL and Mittal Energy Investments Pvt Ltd, Singapore, plans to set up an up to 1.2 mln ton naphtha cracker, expandable to 1.7 mt.

As MRC informed before, in August 2015, HPCL shelved a plan to build a refinery in Andhra Pradesh, although it went go ahead with a proposed petrochemical unit. The company’s oil refinery at Visakhapatnam is being expanded to almost double, obviating the need to add capacity in the state at present. 

Hindustan Petroleum Corporation Limited (HPCL) is an Indian state-owned oil and natural gas company with its headquarters at Mumbai, Maharashtra and with Navratna status. HPCL has about 25% marketing share in India among PSUs and a strong marketing infrastructure. The Government of India owns 51.11% shares in HPCL and others are distributed amongst financial institutes, public and other investors.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, propylene, ethylene, petrochemistry, HPCL, India.
Category:General News
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