MOSCOW (MRC) -- State-owned refiner HPCL is building a new 9 mln tpa refinery-cum-petrochemical complex at Pachpadra in Rajasthan and a petrochemical complex at Kakinada in Andhra Pradesh as part of a Rs 61,000-crore expansion, according to Plastemart.
HPCL will also invest part of the amount over the next four years for expanding and upgrading its existing refining capacity to meet higher quality fuel norms, the company said in an investor presentation. HPCL is upgrading both its Mumbai and Visag refineries to produce fuel meeting Euro-VI emission norms.
Of the Rs 61,000 crore to be invested till 2021, Rs 23,400 crore will be in refining, Rs 23,600 crore in marketing infrastructure and another Rs 13,000 crore in joint venture projects. The joint venture projects include the west coast refinery, petrochemical complex at Kakinada, a 5 million tonnes LNG import terminal at Chhara in Gujarat and a fuel farm facilities at Mumbai airport.
As MRC wrote before, HPCL and its partner Lakshmi N Mittal will invest about USD3 bln in setting up a petrochemical complex at the Bhatinda refinery in Punjab. 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.
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.
MRC