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HPL receives duty-waiver on naphtha imports
05 Jul '11
1 min read
The government of India has finally heard the prayers of West Bengal-based; Haldia Petrochemical Ltd.
The government vide a notification, has waived the import duty on naphtha imported by HPL, which is also its key feedstock. Imported naphtha used to earlier attract a duty of five percent.
Prices of naphtha have increased sharply by 39 percent, since July 2010, which led to HPL facing heavy losses.
In most countries, there is a duty-differential between naphtha and its downstream product; polymers. However, with the levying of import duty on naphtha in 2008-09, HPL started slipping in to losses.
This notification has come as a lifeline for HPL, which reported losses of Rs 2.76 billion on sales revenue of Rs 78 billion in fiscal 2010-11.
The government vide a notification, has waived the import duty on naphtha imported by HPL, which is also its key feedstock. Imported naphtha used to earlier attract a duty of five percent.
Prices of naphtha have increased sharply by 39 percent, since July 2010, which led to HPL facing heavy losses.
In most countries, there is a duty-differential between naphtha and its downstream product; polymers. However, with the levying of import duty on naphtha in 2008-09, HPL started slipping in to losses.
This notification has come as a lifeline for HPL, which reported losses of Rs 2.76 billion on sales revenue of Rs 78 billion in fiscal 2010-11.
Fibre2fashion News Desk - India
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