Hindustan Petroleum Corporation Ltd (HPCL) has inked a memorandum of understanding (MoU) with the Rajasthan state government for setting up a nine million tons per annum refinery-cum-petrochemical complex in Barmer district, located in the north-western state of India.
The setting up of the complex would entail an investment of Rs. 372.3 billion and the project is expected to take about four years time to go on stream.
Locally available crude as well as crude from other sources would be processed at the refinery-cum-petrochemical complex, HPCL said in a statement to the stock exchanges.
India’s Minister of Petroleum & Natural Gas, Mr. Veerappa Moily, who was present during the signing ceremony, said the complex would be the first-of-its-kind specifically designed to produce petrochemicals by processing the indigenous crude oil.
He said the refinery-cum-petrochemical complex would become a catalyst for development of downstream industries in the region.