HPCL to pick stake in $30bn refinery & petrochemical complex

04 Jan '17

2 min read

State owned Hindustan Petroleum Corp Ltd (HPCL) is planning to pick a 25 per cent stake in a $30 billion mega refinery and petrochemical complex being set up in Maharashtra, India. Two more state owned oil refiners, Indian Oil Corporation (IOC) will hold 50 per cent stake, while Bharat Petroleum Corp Ltd (BPCL) will hold the rest, in India’s biggest refinery.

A media agency quoted HPCL chairman Mukesh Surana as saying that the HPCL board has approved the proposal to pick a 25 per cent stake in the 60-million tons per year refinery and petrochemical facility.

The refinery and petrochemical complex will be set up in two phases, of which the first phase will have a capacity of 40 million tons per annum and will have a naphtha cracker; and an aromatics and polymers production facility.

While the first phase will cost between Rs 1.2 and 1.5 lakh crore and will be started in 5-6 years from the date, land is acquired, the second phase will have a 20 million tons refinery costing between Rs 50,000 and 60,000 crore.

The products produced from the refinery and petrochemical facility will be destined for the plastic, chemical and textile industries in Maharashtra and other parts of Western India. (AR)

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