HPCL starts petrochemical, refinery complex barmer district rajasthan, India

HPCL gets approval for refinery, petrochemical complex in Rajasthan, India

9:53 AM, 23rd September 2013
HPCl Business News

NEW DELHI, INDIA: The Indian Union Cabinet has approved setting up of Hindustan Petroleum Corp Ltd’s (HPCL) Rs 37,229 crore ($5.98 billion) refinery-cum-petrochemical complex in Barmer district, Rajasthan, India. HPCL will hold 74 per cent stake in the project, while the remaining 26 per cent will be with the government of Rajasthan.

The state government has agreed to provide an interest-free loan of Rs 3,736 crore ($0.6 billion) every year for 15 years from the date of commencement of production. This loan is to be repaid by the joint venture in equal annual installments for the next 15 years.

HPCL will have the marketing rights, including first right of refusal in respect of uplifting and purchase of all products (including petrochemicals), which would be produced by the refinery. The refinery, which is planned to go on-stream in four years, will source half its crude oil from Cairn’s Barmer oilfields, while the remainder will be imported. Besides petrol, diesel and LPG, the project will also produce 2.3 metric tonne of petrochemical products such as polypropylene, polyethylene and aromatics which are used for making plastic.

 

© PTI News

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